The Oak Park Economic Development Corporation will recommend Lincoln Properties with its proposed 11-story mixed-use development for the village-owned corner of Harlem Avenue and South Boulevard.
John Hedges, interim executive director of OPEDC, said in a telephone interview Friday that the economic development group will begin work to develop a term sheet and redevelopment agreement to present the village for consideration within the next couple of weeks.
The proposal will include 250 luxury apartments, some of which will be affordable housing units, Hedges said. Ground-level retail space for the project is 10,000 square feet, but it is too early to determine what will occupy that space, he said.
The building also will include 250 residential and 162 public parking spaces, according to the proposal.
“They have, I think, just a good clean deal,” Hedges said of the project that is projected to cost $66.9 million. “The financial aspect was strong, and I think they had a good sense of what we’re trying to accomplish.”
Hedges said OPEDC has not determined when it will make the recommendation to the village board, but he suspects it will be by the end of June.
Lincoln is partnering with RTKL Architecture to design the building, he said.
“I know everybody is anxious to see what this thing looks like, but that will be developed through the redevelopment agreement,” Hedges said.
Hedges said he thinks it will take through the end of the year to complete the plan development portion of the project.
“They would be looking to break ground next spring; that is off the cuff, but that is a reasonable time period,” he said.
“Lincoln is an international company that has projects all over the place. We’re really confident with the company, we’re happy they’re interested in Oak Park and we’re really looking forward to working with them.”
Oak Park village planners released five development proposals from four developers earlier this year from Lincoln, Urban R2, Argent Group and North American Properties. The proposals ranged from nine to 14 stories with 204 to 300 apartments.
Efforts to reach Lincoln Properties for comment on Friday were not successful.