Since we first reported this summer that Urban Street, a respected developer, had purchased both 1000 and 1010 Lake Street, it was assumed that one building would stay and one would go.
The 1010 building is viable as an office and retail property. But 1000 Lake St., at just two floors and with only half of its footprint built on, has been a slacker for multiple decades.
Now, with some prodding by the Journal, comes first word that Urban Street and village government have had preliminary talks about what comes next. Demolition is assumed. The unanswered questions are how high and for what uses. We’re excited to see this prime real estate on the verge of a bigger and better use. We’re happy to see a developer of Urban Street’s stature invest in Oak Park.
It is time, though, for the developer to begin opening up its ideas to the public. In general terms, what is their thinking, their timeline, their ability to finance a development privately. Let’s hear from Urban Street.