The developers planning to redevelop the Lake and Forest property in downtown Oak Park have made the “proper amount of progress” since the Village Board approved their 180-day extension request in October, Oak Park Village Manager Cara Pavlicek said Monday.
Village staff members have been working with the development group, which is currently in compliance with the terms of their extension, including making repairs to the village-owned garage on the site, Pavliceck said.
Per the extension agreement, Lake Street will need to provide proof that they have secured equity for the project, a 20-story high-rise containing commercial and residential space, by Jan. 15.
The proof of equity will give the village a clear picture of the developer's status before their Feb. 28 deadline to provide all proof of financing for the project. The target closing date is now April 30, Rolando Acosta, counsel for the development team, told the Village Board in October. The target groundbreaking date is May 15.
Pavlicek added developers are having “successful” conversations with PNC Bank, which filed a foreclosure suit against the group over the summer, to work out a land ownership deal before their February deadline, and have made “proper progress” in the financing process.
The Village Board in January 2012 approved the plans for a new 20-story retail and residential building that will contain 20,000 square feet of retail space and 270 apartments. Per the agreement, developer Sertus Capital Partners—the former name of Lake Street Investors—will construct a parking garage with 588 spaces, 300 public and 288 private, replacing the currently deteriorating L-shaped garage.
After the sudden January death of one of the project's strongest investors and PNC Bank filed the foreclosure suit, Lake Street Investors has partnered with world-renowned firms Golub & Company and Wood Partners to move forward with the project. Sertus' Michael Glazier, who has been involved with the project since the beginning, worked for Golub before moving to Sertus.
Pavlicek also updated the board on two other redevelopment projects that are in the works.
She said staff is also seeking direction on a redevelopment agreement for the Colt-Westgate site, and received three viable RFPs for the South and Harlem site.