The Oak Park Economic Development Corporation is expected to recommend that the village sell the site of the former Tasty Dog restaurant to a developer who would build a five-story mixed-use condo building.
OPEDC says in a letter to Village Manager Cara Pavlicek that Ranquist Development Group intends to build 28 condos, 4,450 square feet of ground-level retail space and 48 parking spaces at the site.
Tasty Dog, 708 Lake St., was evicted by the village – the landlord of the property – last year, after its owners failed to pay rent.
John Lynch, OPEDC executive director, had told Wednesday Journal that his group put out a request for proposals in October for redevelopment of the site. There were nine responses to the RFP, including fast-food restaurants Jimmy John’s, Dunkin’ Donuts and Starbucks. Other restaurant proposals include Burrito Parrilla Mexican, Meatheads and La Parrillita.
The other residential real estate proposals was for a 10-story mixed-used development from PMG, according to a document released by the village.
Lynch told Pavlicek that the $17.1 million proposal by Ranquist was “most beneficial to the village in terms of purchase price, likely tax revenue and overall concept.” The development is projected to produce $770,000 in annual property and sales tax, according to Lynch.
“Additionally, the OPEDC board and staff feel that the five-story concept is more contextual in terms of massing and land use than the existing one-story structure, and that the developer’s architectural vision will establish the property as a premier gateway property for downtown Oak Park,” Lynch said in the letter.
Lynch said in a recent interview that the proposal is a good fit with other similar mixed-use buildings at the intersection of Lake Street and Euclid Avenue.
He noted that the parking for the building would be on the ground level north of the retail. He said the village is not currently commenting on how much they might ask for the property.
Lynch said one of the things that makes this proposal exciting is all 28 units would be three-bedroom condos, noting “because there’s a market for larger condominium units.”
He said presale and construction of the building is expected to take 21 months to complete.
The development team with Ranquist includes Campbell Coyle Real Estate and architects Miller Hull Partnership LLP, and Northworks, a Chicago-based architecture and planning firm.
The proposal is expected to be discussed at the village board meeting on Tuesday at 7:30 p.m.
CORRECTION: This article was updated to correct the location of the parking garage.