I want to thank the residents of River Forest for their interest in the proposed development at 7620 Madison St. Nearly 100 residents attended our open houses and over 70 residents have submitted feedback and questions. The village will continue to collect public input throughout the review process. Residents should visit vrf.us/Madison to review available information, including an updated list of FAQs.
While information will continue to be shared through village communications, I want to respond to a few of the most common questions we’ve received.
Why is this development important? How does it benefit the village?
The village board is in unanimous agreement on the need to develop this parcel and directed Five Thirty-One Partners through the planned development review process for this project.
One of the village’s guiding principles is stabilizing property taxes. The development site includes a parcel that has been tax-exempt for decades, contributing no revenue to the village, schools or park district. This proposal will convert the property into a taxpaying site, projected to generate approximately $600,000 annually in property taxes. Expanding the tax base helps fund essential services like public safety, education and infrastructure without increasing the burden on existing taxpayers.
Who is the developer, Five Thirty-One Partners?
Five Thirty-One Partners is a real estate holding company owned by Chuck Westphal and Viktor Jakovljevic. Chuck Westphal owns Stark Holdings, a rental property management firm, and Viktor Jakvoljevic owns V3 Development Group, a general construction company. In short, V3 builds and Stark manages. They’ve recently completed successful projects in Chicago, including 3951 N. Wayne and 6700 W. North Ave. in Galewood.
How will the development impact traffic? What can be done to alleviate the impact?
As part of the planned development process, the developer must hire an independent traffic engineer to complete a traffic study. Residents’ questions and feedback will be shared with the traffic engineer. The study will evaluate current conditions, including traffic counts and accidents, and estimate additional traffic from the proposed development. It will also recommend traffic-calming measures where applicable.
The study and its recommendations will be completed and shared with the public before public hearings are conducted this spring.
Again, thank you for your continued interest in the project and please continue to follow the project at vrf.us/Madison and sign up for the village newsletter at vrf.us/Enews.
Matt Walsh
Village administrator
River Forest
