Twice in a week, the Journal has reported on notable commercial real estate news along Lake Street in our downtown area. First was the sale of a large vintage apartment building across from the main library. The sales price there was $3.97 million. Later in the week we reported that the 1010 Lake St. building, by our calculation the newest commercial office building constructed in Oak Park — and it is 50+ years old — was on the market at a nifty $6.95 million.
We still haven’t heard from the new owners of the Oak Hotel apartments about its plans for the future. A major upgrade? A demolition? Not lost on many, the parcel next door is an underutilized bank drive-thru. Time will tell. 1010, the building set between the Lake Theatre and the soon-to-rise 19-story Albion apartments, has recently been gussied up and will, presumably, remain as offices.
Our point? After decades in which Oak Park’s village government has been in active acquisition and resuscitation mode trying to boost the downtown from its torpor, the free market has now taken a strong interest and is investing real money — theirs, not ours — in downtown Oak Park. A long time coming and worth noting.