A long line of dump trucks on Lake Street Dec. 27 signaled that construction is imminent on the long-awaited Lake and Lathrop project. In a final step toward construction, the dump trucks were on site as crews hauled a layer of soil from the parcel.
Beginning work to dig the actual foundation will follow, said Kyle Haste, the development project manager for Sedgwick Properties, one of the developers.
This project has been on the drawing board since before the village board approved in 2018 the proposal by Lake Lathrop Partners LLC to build a four-story, mixed-use development containing 22 condominium units and 14,000 square feet of retail space. Variations on the same project had lurched and lingered for a decade previously.
Lake Lathrop Properties is a joint venture between Sedgwick Properties and Keystone Ventures. The original project included another story and eight more units but was scaled back.
The project experienced a series of delays over the years, including environmental cleanup from a dry cleaners formerly on the site and a lawsuit involving a tenant who did not want to move.
In October, the developers reported 14 of 22 units had been sold, including two penthouse suites. They also said a medical tenant has committed to taking 2,500 square feet of the retail space and that three others, two restaurants and another medical firm, had expressed serious interest.
The developers reported they have selected a lender and executed a term sheet and that they anticipate a 60-to-90-day loan process, which will run parallel with their site work.
Under terms of an amendment approved by the village board in October, the developers were required to commence bona-fide construction by Jan. 23, 2022 and complete the project in 18 months.