Village Moves Forward With Colt Site Development

With no alternative proposals, the Village of Oak Park will continue to work with Clark Street Developers on plans for a mixed use development at the Colt Site, a village-owned property at Lake and Westgate streets in downtown Oak Park.

Following an April presentation of the proposed project, the village in May sent out a Request for Alternative Proposals (RAP) to more than 120 commercial developers and brokers, hoping to hear other ideas. 

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Oak Park Business Services Manager Loretta Daly on Monday told Village Board members the village received some questions about the RAP, but did not receive any alternative proposals. 

The proposed project includes two structures on the 81,000-square-foot property. One of the buildings would have retail on the first floor and five levels of residential units above, and the other five-story structure would include two levels for public parking and three levels for private parking, according to a village memo.

Village Manager Cara Pavlicek said staff will need to move quickly on the project. 

"We have the potential now that there's the ability of (the) developer to make an investment in Oak Park, and if we don't wrap this up in an expeditious timeframe, they could take that capital and move somewhere else," she said. 

Village Trustee Ray Johnson said Monday he was disappointed the village didn't receive any other formal proposals. 

"The footprint of this site has changed dramatically (since Clark Street was first involved) and so has the economy," he said. "...That could be why we didn't receive any alternative proposals." 

The Village of Oak Park in 2009 named Clark Street Developers as a preferred development partner for the project following a competitive RFQ process. 

Village staff will move forward with term sheet negotiations with Clark Street Developers. 

Daly said the board would likely review the negotiations in the fall, and that the village's timeline calls for a planned unit development (PUD) to be reviewed by the plan commission, with entitlement at the end of the year.