River Forest condo project in limbo

River Forest’s village board will have to decide whether or not to grant another extension to the developer of a long-anticipated mixed-use project at Lake Street and Park Avenue, now that Keystone Ventures has missed yet another deadline to start negotiating an agreement with the village to improve the site.

In October 2015, trustees unanimously selected Keystone Ventures, owned by River Forest resident Tim Hague, to fashion a condominium/townhome/commercial development on the village-owned site. Keystone’s co-partner in the project is Inland Midwest Development Corp. 

As part of the process, Hague had until March 14 to cobble together a redevelopment agreement with the village. That date was extended to June 14.

Two months later, there have been no substantive discussions; the project is in limbo, Village Administrator Eric Palm told the River Forest Economic Development Commission during a progress report on Aug. 15.

In September the matter is likely to come back before village trustees who will have to look again at how Lake and Park – a longstanding focal point for economic development — can move forward. 

Tom Hazinski, chairman of the Economic Development Commission, with an assent from Palm, suggested three strategies:

Trustees could give Hague a third extension for an undetermined amount of time.

The village could seek other developers for the property, which would be the third request for proposal that will be issued since 2010.

The village also could see if Pine Grove Centrum Partners is still interested. In May 2015, the Economic Development Commission recommended that firm develop the corner and a couple of other pieces of nearby property into 80-unit luxury rental units. 

The commission, an advisory group, voiced their preference for Pine Grove because it would offer River Forest with more housing options for empty-nesters and young families. Centrum’s proposal also was less risky than Keystone Ventures, they said. 

As advisors to trustees on economic development, commission members offered to aid the board on how they could move the project forward.

The intent of certain timelines was to advance the project, Collete English Dixon, a member of the commission, said. 

“The ball wasn’t going anywhere,” she said. “We cannot allow the site to stay undeveloped when there was an opportunity to pursue something.”

Hazinski noted that the Economic Development Commission could help trustees understand that there may be a level of urgency in moving the project forward to catch this development cycle.

As nothing has been advanced in terms of a redevelopment agreement, Commissioner Tim Brangle wondered if the commission shouldn’t look at redrafting its recommendations.

“Milestones are good; we should have targets, it’s up to the board on how much they want to engage or not,” Brangle said. “Everything has to have the right timeline. I don’t want to overwhelm the board or Keystone … although one of the concerns was the same developer doing two projects.”

Hague is also involved in redeveloping the property at Lake Street and Lathrop Avenue.

Palm said Hague would have to come back to the board and present a timeline that would be suitable to the village board. As to the Economic Development Commission offering guidance to trustees on that issue and others related to Lake and Park, Palm said he would have to defer to the board.

Community pressure and other forces led trustees to select Hague’s project, a five-story building with 28 condos and 13,000 square feet of commercial space on the ground floor. Seven townhomes also would be constructed. The condos could become rentals if pre-sales don’t exceed 50 percent. 

Efforts to reach Hague were unsuccessful. Hague has until Sept. 30 to file a planned development application and purchase all the property associated with the Lake and Lathrop development. Efforts to reach Inland Midwest Development Corp. also were unsuccessful.

The site at Lake Street and Park Avenue has been on the village’s radar for development since 2010 when the property was purchased with funds from the Lake Street Tax Increment Financing District.