The River Forest Development Review Board will hold a public hearing about a proposed development at Lake Street and Lathrop Avenue at 7:30 p.m. on June 28 at the Oak Park River Forest Room of the Koehneke Community Center on the Concordia University Chicago campus, 7400 Augusta Ave. in River Forest.
Developer Lake Lathrop LLC – comprising Sedgwick Development and Keystone Ventures — plans to build a five-story, mixed use development at the southwest corner of Lake Street and Lathrop Avenue, from 7601 to 7621 Lake St., and includes the parcel at 423 Ashland Ave.
The building includes 14,343 square feet of commercial space on the ground floor. The application does not specify which retailers would fill the space, but mentions restaurants, retail shops and potentially a bank branch. Commercial space would be valued at $250 per square foot, according to an economic impact study conducted by Strategic Planning Associates.
Eighty-six parking spaces will also be housed on the first and second floor of the development, and 32 two-, three- and four-bedroom condos will be located from the second floor up. Terraces will be attached to the condos. A study lists the condos with an average price of more than $890,000.
The building will rise 80 feet — exceeding the village’s height restriction of 50 feet –and will “match the character of the buildings in the area,” according to the application. It will be covered in a white, cast stone veneer.
Environmental remediation is set to start in August 2018, demolition would occur in October 2018 and the applicants proposes to complete the project by January 2021. It is estimated to bring $1.16 million in property tax once it is complete.
As reported by Wednesday Journal, the village has pledged $1.9 million in tax increment financing funds to help with the development, principally for environmental remediation.
Sedgwick is owned by Marty Paris, a River Forest resident and the son of Frank Paris, former village president. Keystone Ventures, the original preferred developer on the long-delayed project, remains a minority partner in the project. Keystone is owned by Tim Hague, also a River Forest resident.