Prospective residential and retail tenants continue to show interest in the proposed development on the southwest corner of Lake Street and Lathrop Avenue, Mark McKinney of Sedgwick Properties told the River Forest Village Board at the July 12 meeting.
The proposal by Lake Lathrop Partners LLC to build a five-story, mixed-use development was approved in 2016. Lake Lathrop Properties is a joint venture between Sedgwick Properties and Keystone Ventures.
McKinney told village officials that contracts are being finalized on two more units, which would bring the total sales to 10. According to the development’s marketing website, it will contain 22 condominium units total, including two-, three- and four-bedroom condos, each with direct elevator access and ranging in price from $699,900 to $1.45 million.
McKinney also cited “very strong” interest in the retail side of the project with a medical tenant committed to taking 2,500 of the 14,000 square feet of retail space available.
He said interest from prospective tenants would fill more retail space than is available if they all signed contracts. Representatives for the developers have previously said the flexibility in creating custom spaces makes the project more attractive.
Responding to a statement made during the citizen comment portion of the meeting by Phyllis Rubin, who lives in a condominium building adjacent to the site, McKinney acknowledged the presence of weeds on the property and said they would be removed, recalling how the developers were criticized for not removing snow during the winter.
McKinney also addressed Rubin’s concerns about radon, saying officials of Pioneer Engineering and Environmental Services had no concerns about radon on the site. He also clarified that a barrier and vent system will mitigate any vapor intrusion from the soil and vent vapors 10 feet above the roof. Pioneer Engineering provided site remediation services at the site.
Representatives for the developers previously said vertical construction would take 16 months, which would be beyond the Nov. 1, 2021, deadline for completion stipulated in an amendment that was approved by the village board in October 2019. It’s not clear when that vertical construction will commence. As of last week, excavation had not yet begun at the site.
Trustee Katie Brennan chided McKinney for not appearing at the June 28 village board meeting, reminding him that the developer had agreed to provide monthly updates on the project.
River Forest has committed $1.9 million in tax increment financing funding for the development. If trustees vote to take back the property, then the village must reimburse the developer for demolition and environmental remediation costs.
Representatives for the developer previously estimated demolition at $250,000 and the village’s environmental consultant estimated soil remediation at $1.2 million.
“I’m very eager to get started,” McKinney said.