A 20-story hotel and condo tower planned for downtown Oak Park could end up being neither, depending on what happens Monday.
As first reported by Wednesday Journal last month, a Chicago-based developer looking to team with the village to build a hotel and garage complex at the corner of Lake and Forest wants to shift gears, because of the sour economy. Instead, Sertus Capital Partners would rather build rental units for seniors, along with high-end apartments.
The original plan for the project was approved by the village last year, and it would require an OK from trustees to change the makeup of the development. The board is slated to discuss the request on Monday at 6:30 p.m. at village hall, 123 Madison.
Originally, the project was to include 140 hotel rooms, 85 condos, and a 510-space parking garage. But the requested change would include 264 apartments (a mix of studio, one-bedroom and two-bedroom units), along with 330 parking spots for the development. Sertus wants to keep the 300 public parking spots that were originally proposed the same, which would give the garage a total of 630 spaces.
Oak Park has pushed hard for a hotel in its downtown, and was willing to kick in $500,000 to make it happen, but that incentive is deleted from the amended agreement.
"Due to the continuing and overwhelmingly adverse economic conditions in the hospitality market, specifically, and the lingering problems in the credit markets, generally, we have been unable to secure any committed interest for the hotel segment of the project," Michael Glazier, principal for Sertus, wrote to the village on May 3.
Click here to see the entire agenda.
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