Two months after River Forest officials hired a real estate broker, Jones Lang LaSalle Inc. has begun to market the sale of village-owned property on the 7600 block of West Madison St.
In February, officials approved a real estate broker services contract with JLL, capping a two-week-long roller coaster ride that involved the filing of an ethics complaint and the discovery that the village’s Ethics Commission did not have jurisdiction in the matter as expected.
Village President Cathy Adduci said in the April 17 village e-newsletter that officials were “pleased to announce” that JLL had begun to market the Madison Street properties.
“JLL has been tasked with casting a wide net for creative development proposals that align with the village’s comprehensive plan and address neighborhood concerns,” she said. “The village board expects to receive proposals from prospective developers within the next three to six months. This is the next step in bringing exciting new economic development to our community.”
In the firm’s marketing presentation, JLL is offering the “outstanding” 0.92-acre development opportunity for sale to qualified investors.
“The village is seeking a high-quality development that complements its residential base and provides for an excellent street level experience for its citizens,” JLL said in the presentation, noting its proximity to the Forest Park Blue Line Station. Also noted is that any future development will require working with the village on a new planned development zoning designation.
The presentation also describes River Forest as the “perfect mix of urban accessibility and comfortable suburban living.” In addition, the presentation highlights River Forest as an “affluent infill Chicago suburb” and touts the village’s “top ranked school district” and the availability of a tax increment financing district.
Officials were expected to act on the contract in January but the vote was tabled after an ethics complaint was filed that was related to the participation in Economic Development Commission (EDC) discussions by Walt Wahlfeldt, who works for JLL and was an EDC member at the time but who later resigned. The village’s Ethics Commission was expected to address the complaint at a hearing but its members determined they did not have jurisdiction over the matter.
The Ethics Commission asked the village board to amend the village’s ethics ordinance to allow them jurisdiction and to keep the proposed contract with JLS on hold pending a resolution of the complaint but the village board approved the contract on a split vote Feb. 10, effectively resolving the complaint.
Under the contract, the village will pay JLL a base fee of $100,000 or 5.5% of the gross purchase price, whichever is greater. The contract allows JLL 270 days to market the properties at 7612-7620 Madison, former site of the Lutheran Child and Family Services (LCFS) Building, and former private homes at 10 Lathrop Ave. and 11 Ashland Ave. The three buildings sat empty from the time they were purchased by the village — the LCFS building in 2017, 10 Lathrop in 2018 and 11 Ashland in 2019 — until they were demolished in 2023.
Prior to hiring JLL, the village had “passively marketed” the village-owned properties on Madison for sale “for several years,” according to Matt Walsh, village administrator.