The plans for a Taco Bell fell through for the northwest corner of Roosevelt Road and Austin Boulevard. But something different, and perhaps more popular with immediate neighbors, than fast food is in the works for the former U.S. Bank site. John Lynch, executive director of the Oak Park Economic Development Corporation, told Wednesday Journal that the site will be developed for residential and commercial purposes.

Lynch believes it is likely the site will be developed into two different buildings, rather than a mixed-use building with retail on the bottom and apartments on the upper floors.

“This group had in mind that maybe the parcel might work better being split and having a commercial component on the corner and a separate residential building to the west,” said Lynch.

Plans are still in development. However, Lynch expects the residential building to have between 8 and 12 living units.

Cook County property transfer records show that the land was purchased in September by Lemonade MM Oak Park LLC for $450,000. Managed by Lee Utke, the limited liability corporation was established to acquire and redevelop vacant single-tenant retail sites, according to Lynch. Utke is a principal of real estate company Madison Marquette, where he co-leads the company’s corporate solutions practice. Wednesday Journal has reached out to him for comment.

As part of its commitment to promoting equity in Oak Park, the OPEDC has been working with Lemonade to find a minority-owned development partner to handle the residential portion of the project. Lemonade is in talks with one such development company, Lynch shared, but nothing has been finalized.

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