Oak Park trustees unanimously approved the addition of a 20-story apartment building at the corner of Lake Street and Forest Avenue in the heart of the city’s downtown area. The trustee’s 7-0 vote overrode the Oak Park plan commission’s 4-4 vote in November, which failed to approve the project.
The project underwent many changes before approval, according to an article by chicagolandrealestateforum.com. The original plan consisted of a high-rise with 85 condo units and a 140-room hotel. Seeing a bigger need for rentals in this rough metro Chicago real estate market turned the developer’s attention to apartments.
Opponents of the structure say the development would be an eyesore to the architecture of the historic downtown district and will cause traffic congestion. Supporters say the high-rise will create housing, businesses and jobs for Oak Park. The $91 million project, which will be the tallest building in Oak Park when completed, will include 270 apartment units, 25,000 square feet of commercial space on two floors and a 588-space parking garage.
Project developer, Chicago-based Sertus Capital Partners, wants to begin construction in the fall of this year and hopes for completion by the summer of 2014.