Oak Park’s downtown area could soon get more upgraded apartments with the sale of the six-story apartment building, known to some as the Oak Hotel, at 855 Lake St. The building sold for $3.97 million in May, but it’s unclear what comes next.
Chicago-based Icon Clark LLC was listed as the purchaser, but Nadeya Khalil, who is listed as the agent for Icon, did not return phone calls requesting an interview. The seller was identified as Chicago Title Land Trust Co. The building stands next to Unity Temple and across Lake Street from the main library and Scoville Park.
Perhaps more interesting than the sale of the approximately 60-unit building, though, is what might happen to the adjacent property to the east, which currently serves as a U.S. Bank drive-thru and a parking lot.
Oak Park Mayor Anan Abu-Taleb said in an interview that developers have inquired about the bank branch property at 835 Lake St., which he described as underutilized. But he does not believe there is any connection to the recent sale of the apartment building.
“Over the years multiple people have looked (at the bank site),” said Abu-Taleb. “They are aware it is an excellent location” near public transit, shopping and restaurants, he said.
In terms of the apartment building sale, he said, “It’s a private transaction that took place between a willing seller and an interested buyer.”
He noted the village netted about $32,000 in property transfer taxes in the sale. “We’re happy to accept the transfer tax and wish them the best of luck,” Abu-Taleb said.
The purchase of the apartment building, which once served as a hotel, could mean more upscale apartments downtown. Abu-Taleb said he believes that if someone invests almost $4 million in a building, they’re likely to improve it.
Oak Park Economic Development Corporation Executive Director John Lynch did not return calls requesting an interview.