There have been questions raised about 531 Partners and their qualifications to develop the Madison and Ashland property in River Forest. At this time, I believe 531 Partners is the strongest choice to develop the property based on information gleaned from the developer selection process used by the village of River Forest (VRF) in combination with the ongoing VRF Planned Development Process.
This conclusion is informed by discussion in executive session about the seven proposals received, the two finalist presentations to the village board, site visits to properties built by the two finalists, attendance at a Community Open House, review of the exterior of a 531 Partners building in Galewood, and their initial presentation to the Development Review Board.
Several factors shape this perspective:
• Construction quality. 531 Partners uses a “brick on block” masonry approach, which produces durable, long-lasting buildings. While more expensive than alternative methods, it offers clear benefits: structural longevity, reduced noise transfer, and enhanced resident privacy. This reflects a commitment to quality that aligns with the long-term interests of the village.
• Thoughtful design and problem-solving. Their discourse revealed a penchant for innovative thinking, including an approach to building the underground storm water system and construction methods designed to minimize disruption to neighbors. Design choices — such as placing the rooftop deck along Madison and situating larger units on Ashland — reflect an effort to balance tenant and neighborhood needs.
• Landscaping. Observations of two completed projects show the incorporation of vegetation in ways that both enhance aesthetics and buffer residents from surrounding activity.
• Financing approach. 531 Partners’ plan to invest significant upfront equity before securing additional financing reduces reliance on extended pre-construction lending. This streamlines timelines and lowers the risk of delays — an important consideration for both residents and the village.
• Proven track record. With 100+ buildings completed across Chicagoland over three decades, principal Viktor Jakovljevic has demonstrated the ability to deliver projects on time and at a high standard of quality. That experience provides confidence in execution.
• Long-term ownership mindset. Unlike developers who build to sell, 531 Partners focuses on long-term ownership and management. This creates strong incentives to maintain quality, attract stable tenants, and ensure a positive living environment over time — all things that affect the broader community.
• Commitment to public engagement. 531 Partners has already participated in VRF board meetings, community open houses, and a DRB meeting, with Planned Development still in process. And they have committed to participating in future board meetings. Thus far, they have demonstrated a willingness to listen, respond, and refine their plans.
Development at Madison and Ashland will shape the character of the area for decades, and it is critical to select a developer who understands both the opportunity and the obligation that comes with the role.
In my view, 531 Partners meets those requirements. They bring a combination of quality construction, innovative thinking, financial readiness, and long-term commitment that aligns with village goals. They have also demonstrated respect for the community with full participation in our selection protocol and beyond.
Lisa Gillis
River Forest Trustee