Lake and Forest update offers hints of progress

Share on Facebook
Share on Twitter
Print

By Anna Lothson

Staff Reporter

The developer of the future 20-story Lake and Forest high-rise continues to hear positive feedback from the financial community, according to Oak Park's Business Services Manager Loretta Daly, who relayed the information to the village board at its Feb. 19 meeting. She provided a brief update as requested by the board. Sertus Principal Michael Glazier, the lead developer, is responsible for keeping the village in the loop as the project progresses.

The long-delayed project has its share of skeptics about whether the project will ever be built, but Glazier has stuck by his claims that the group is moving forward.

Over the next few months, either on a monthly or bi-monthly basis, Sertus will come back to the board with status reports. The project plans are currently in review for permits.

A final list of materials to be used on the building's exterior was presented to the village recently. The group will be sticking to its initial project plans of having synthetic stucco because of the material's energy efficiency. Other options, including metal, have also been reviewed. Sertus will be seeking LEED Silver (Leadership in Energy and Environmental Design) for the building.

Trustee Ray Johnson asked again about the project's finances, and Daly said that report won't be ready until the permit process is over.

"Pieces are falling in place to secure the financing, but it has just not occurred yet at this point," Daly said.

The village also sent out a request for proposals for a line of credit, which will eventually be used to fund the village's portion of the reconstructed Holley Court Garage. The request was sent to nine institutions, Daly said, and four have responded.

It was determined in December that the board should finance its portion of the public parking garage through a bank letter of credit during construction. That will be followed be a General Obligation bond upon completion. The garage will not be built, however, until Sertus' financing is secure.

Contact:
Email: anna@oakpark.com Twitter: @AnnaLothson

Reader Comments

2 Comments - Add Your Comment

Comment Policy

John Butch Murtagh from Oak Park, Illinois  

Posted: August 29th, 2013 9:36 PM

Sertus is Dead! It is now a Goltz! Goltz is a developer who bought, stole, or found on the rights to the Lake and Forest space in the street. Sertus faces a $4.9 million foreclosure lawsuit from Pittsburgh-based PNC Bank N.A. The development venture failed to pay off a $4.5 million mortgage when it came due in March 2012, according to a complaint filed in July in U.S. District Court in Chicago. There is little known so far about Goltz though a check of his website found that he is a vice president at Chody Real Estate. Chody's specialty is Commercial Acquisitions and Retail Development. According to the photos on the Chody website (http://www.chodyre.com/properties/default.aspx) Chody specializes in strip malls. OP was hoping for a twenty story apartment house. The transfer of the development property from Sertus to Goltz/Chody requires village board. An article in Uncyclopedia reported that Deja Vu experienced over long periods of time, can lead to insanity, meaning deja-vu can be a very fun and entertaining tool for sadistic psychopaths. Let the Fun Begin.

Enuf is Enuf from Oak Park  

Posted: February 27th, 2013 10:42 PM

Does the WJ simply print the same article every 3 months ... same progress report (no progress), same vague financing (no financing), etc. Here's the thing ... RDA says the Sertus permit is null and void if const. hasn't started by Sept. 1, 2013 (already extended from Feb. 15). BTW ... while waiting for financing, Sertus took the time to change the exterior wall material on the west fa%uFFFDade, the one leading into the FLW Historic District, from architectural concrete to synthetic stucco (EIFS).

Hire Local for FREE!

Post help wanted ads for FREE on the our local online job board.

Click here to place your ad

Quick Links

Sign-up to get the latest news updates for Oak Park and River Forest.


            
SubscribeClassified
Photo storeContact us
Submit Letter To The Editor
Place a Classified Ad

Classified Ad