Almost a year after accepting an initial proposal, the Village of Oak Park has reached an agreement with a Chicago-based developer hoping to erect an eight-story, mixed-use building at Harlem Avenue and South Boulevard.
Morningside Equities Group Inc., which deals strictly in mixed-use developments, will eventually construct a building containing 96 condominiums, 12,500 feet of retail space, and 245 parking spaces, according to Bob Clements, acting director of development services in Oak Park.
The village first bought the land, which housed a ski shop and Arby’s fast food restaurant, for approximately $3 million. Morningside’s proposed project will cost about $30 million, according to a village press release.
“It’s a wonderfully located site in a community that offers a lot in terms of culture, diversity, and a very vibrant community,” said Mary Ellen Martin, senior development manager at Morningside. She said the site’s close proximity to public transportation, and Oak Park’s diverse, urban setting made the project perfect for her company.
It’s unknown who will occupy the commercial space, Martin said, but two or three retailers will likely operate there. Morningside has talked to numerous possible tenants, but isn’t close to narrowing the search.
Condos in the building will range in cost from the high $200,000s to low $300,000s, have one or two bedrooms, include a parking spot, and feature an outside aspect-a terrace or a balcony.
John Eckenroad, president of the Oak Park Development Corporation, feels the condominiums’ mid-range prices will complement higher-priced residential properties in Oak Park and add to the village’s diversity.
“An investment of this size and scope will be the cornerstone for the area and will act as a bridge from the South Marion neighborhood to the downtown business district,” Eckenroad said in the press release.
Morningside is calling the building “Chelsea Station.” Martin said the name is a combination of the Chelsea area in London, where she said one of Oak Park’s first settlers migrated from, and “station,” because the project is situated across the street from the CTA Green Line and Metra trains.
The company will strive to create an environmentally sustainable building, as desired by the village, by using recycled building materials, high-efficiency furnaces, and “low-E” glass. Martin said Morningside will also strive for certification through the Leadership in Energy and Environmental Design (LEED).
Oak Park released a request for proposals last summer, evaluated plans from two groups in August last year, and selected Morningside’s proposal in October. The original proposal featured six floors, 143 parking spaces, and 72 condos, but was changed at the request of the village and neighbors of the development.
The village will provide around $1.9 million to finance the 102 new parking spaces. Oak Park is also supplying the land parcel in exchange for Morningside replacing the other 143 parking spaces with an enclosed parking garage, according to the press release.
A redevelopment agreement has to be approved, likely by the year’s end, and then the project has to go through the planned development process, which will include public comment, Clements said.
“We really think this site is strategically positioned to make a wonderful contribution to the community,” Martin said.