The Oak Park Village Board of Trustees approved a redevelopment agreement with Lincoln Property Company to build an 11-story, mixed-use apartment building at the corner of Harlem Avenue and South Boulevard.

 The village owns the property where the development will be built and solicited developers in 2013 to submit proposals. 

John Hedges, executive director of the Oak Park Economic Development Corporation, said the 250-unit mixed-use development will include 10,000 square feet of ground-floor commercial retail space.

“It will be a good product and one I think the community is going to be proud of,” Hedges said.

Lincoln also will contribute $1.1 million to the village for improvements to the streetscape, utilities and other related costs, according to the redevelopment agreement.

The building will primarily consist of luxury apartments, but Lincoln has agreed to initially market five affordable units that are $70 less per month than the market rent for their one-room units. Those units will be available to residents earning less than $58,400 annually.

The proposal also includes a parking garage with 148 spaces, available for use by the public. 

Construction of the project is expected to begin in April 2017, and the building should be ready for occupancy by August 2018, according the schedule submitted by Lincoln.

Anan Abu-Taleb, village president, encouraged the Oak Park Plan Commission — tasked with overseeing development of the project — to work quickly to advance the project.

“The wind is at our back right now, and we need to take advantage of that for our community,” Abu-Taleb said.

Contact: tim@oakpark.com

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