Developer Bob Ranquist, principal of Ranquist Development, held the grand opening of the 28-unit, five-story luxury condo development District House, 708 Lake St., which still has three units available for sale.
The project has been in the works since 2016, shortly after the village evicted the owners of the former Tasty Dog fast-food restaurant, when its owner fell behind on rent to the village of Oak Park, which owned the property.
Ranquist held a rooftop party at District House on Thursday, July 12, showcasing the development’s views of downtown Oak Park and Chicago.
Ranquist said 14 of the units are already occupied and work continues on the fourth and fifth floors of the building.
“We should be ready in 45 days on the residential component,” he said.
The company is leasing one of two ground-level retail shops to Club Pilates and still is in negotiations with another retailer for the second spot. “We expect to close [negotiations] up in the next couple of weeks,” he said.
In other Ranquist news, the company continues construction of its Flexhouse townhouses, a four-unit development of live-work spaces in the 200 block of Harrison Street. Those four units are already sold, but the project also includes retail spaces that bookend the residential component.
Chris Dillion, president of Campbell Coyle Real Estate, said construction of Flexhouse is expected to be complete in October.
Campbell Coyle worked with Ranquist on District House and also has partnered with the real estate-development firm, Harrison Street Ventures LLC, on Flexhouse and to market several other properties on Harrison Street once owned by Chris Kleronomos.
Many of those properties under Kleronomos’ ownership were vacant and in various states of disrepair for decades. Harrison Street is working with Ranquist and Campbell Coyle to rehab and market the properties in the business district.
Dillion said Nature Yoga, 146-148 Harrison St., has already opened, and Mora Asian Fusion is close to opening at 201 Harrison.
Harrison Street Ventures principal Mona Navitsky said the rehab work on the retail spaces that bookend Flexhouse is expected to be complete on Sept. 1.
Both Ranquist and Dillion said they are searching for more development opportunities in the village. Ranquist said he has his eyes on a couple of different properties but is not ready to reveal where.
* This article was updated to correct the address of District House.