This isn't much, but it's a big deal in Oak Park: a proposed building that would be almost as tall as the 14-story Whiteco project a couple blocks west. There are small renderings in the link; if you want a bigger image, pick up a print copy of last week's Wednesday Journal, the local Oak Park paper. Also note that the developer is explicitly NOT asking for TIF subsidies from the Village. If only developers in Chicago were as tactful.
http://www.wjinc.com/main.asp?SectionID=1&SubSectionID=1&ArticleID=8135&TM=60913.77
6/20/2007 10:26:00 AM
13 stories planned for Lake/Forest
Village would swap land for garage
By BEN MEYERSON
A developer presented preliminary concepts for a building on the northeast corner of Lake Street and Forest Avenue last Wednesday night depicting condos and retail enveloping a parking garage with a recessed multi-story extension on top.
In a presentation to the village board, Sertus Capital Partners LLC proposed a mixed-use building that it envisioned would connect The Avenue Business District with Downtown Oak Park.
The project would encompass what is now the building that holds the Original Pancake House and CertifiedLand, the Grace Episcopal Church parking lot, and the Forest Avenue parking garage.
The presentation, which was the first set of ideas Sertus has shown to the public, depicted retail and condos surrounding a parking garage on three sides, with a recessed seven-story tower extending from a green roof.
As the initial concept was presented, the base of the building would rise six stories, with a seven-story condo tower set along the northern side.
At Lake Street, the building would be 56 feet tall, but
the L-shaped extension would reach 123 feet tall at its highest point.
The current parking garage has 349 parking spaces; the new building would provide 510 public spaces in addition to as many as 320 residential spaces for the 208 condos.
Two floors of retail-totaling approximately 23,000 square feet-would face Lake Street and Forest Avenue. Condos and retail would make up the rest of the building, masking the parking garage except for its entryways on three sides.
Sertus principal Michael Glazier repeatedly emphasized at the meeting that the firm was extremely flexible, and that the presentation only depicted a rough set of preliminary concepts.
However, Glazier said he believes the mass of the current sketch is roughly what is needed for the project to be economically feasible.
The current retail building on Lake, Glazier said, "is not of the critical mass that I think Oak Park is desirous of."
Sertus bought that property in March 2006 for $9 million, and has also since made an agreement with Grace Church to purchase its parking lot.
The group hopes the final piece of land for the project-the L-shaped municipal garage-would be entered into by the village, creating a public-private partnership under the pretense that the village would pay for construction the new public parking deck within the project.
As Sertus presented the concept, money would not change hands between the two sides.
Glazier also added Sertus would not ask for subsidies from the village to fund the privately owned portion of the building.
"We don't believe that the private sector needs any subsidy," said Glazier.
Glazier said Sertus is aiming to get zoning approval for the project by the end of the year, but is willing to wait if progress is being made at that point.
Former village Trustee Robert Milstein said he was against any more condos in the downtown area and was wary of Sertus' statement that the building's proposed size is necessary to be profitable.
"Our job as a village is not to guarantee a particular profit to individuals," Milstein said. "It has never been one of our deciding factors. [Sertus's] margin of profit isn't my or any villager's concerns."
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