Village Approves Terms for Colt Site Redevelopment

Oak Park officials Monday approved a term sheet for the development of the Colt site in downtown Oak Park, outlining details to be included in an official redevelopment agreement between the village and developers when it goes to a vote in early September.

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The proposed project is a mixed-use development with two structures, including about 26,000 square feet of retail space, 248 luxury rental apartments, a 325- to 350-car parking structure, improvements to adjacent streets and an overpass to connect the two buildings.

Loretta Daly, business services manager for the Village of Oark Park said Monday staff is also interested in taking advantage of the vacant, village-owned property at 1118 Westgate St. The village and Clark Street Development, LLC will agree on a development plan for the property adjacent to the Colt site, according to the term sheet. 

"It's a critical piece," Daley said. "We believe we can appropriately repurpose that structure to hold retail... So we're connecting things along Westgate."

Village Trustee Peter Barber said while he's looking forward to the development, he's concerned new retailers will create a need for additional parking. 

Village Manager Cara Pavlicek said while most village ordinances have required one parking space per residential unit, the transportation commission has been advocating that the village moves more toward shared parking. She added that village parking space is consistently under-utilized.

"The thing about parking is (that) it's expensive to build, and you have to think about—at what point do you build to make it work economically?"

Pavlicek reminded board members of the importance of timing related to the approval process, as the board plans to vote on a redevelopment agreement at an early September board meeting.

"...If we take too long... Things that seem appropriate may change... We have made a real commitment to try to move forward quickly," she said.

The fourth and final step of the approval process would follow the board's approval of a redevelopment agreement, Pavlicek said.

Village President Anan Abu-Taleb told developers the village would do what it needs to do to be responsive during the process.

"...This is an opportunity to show you we are business-friendly and each member on the board is really committed to work with you and make this a positive experience," he said. 

Related:

• Village Moves Forward With Colt Site Development