The Oak Park village board voted last week to buy the former site of the Shepherd Motors Volvo dealership, 260 Madison St., for $1.5 million. The village may now consider relocating a business with expansion plans to the parcel, or pursue development of a project that includes a retail component, said Mike Chen, director of village development services.
The village exercised its “right of first refusal” in purchasing the property. Based on an agreement between the village and Shepherd, the village got the first crack at buying the location if another offer was made. The purchase price is based on that offer.
Because the village was offered the opportunity to buy the parcel on “somewhat short notice,” the village board has not yet determined exactly what will be done with it, Chen said.
“I would expect that there would be a village preference that retail be active [at the site],” Chen said, adding that if a residential development is proposed, he “would think perhaps some ground-floor retail” would be beneficial.
An Arthur Andersen Tax Increment Financing (TIF) Study stated that the site should “remain in business use,” according to a memo from Chen to the board.
“Although the village does not currently have a buyer in mind ready to purchase the property, several owners of other properties along Madison Street with business expansion plans have expressed an interest in acquiring the property,” continued the memo. “In a fairly short timeframe…the village should be able to sell the property to a business user and recoup the purchase funds.”
Chen said there may be “a couple of businesses that are good candidates,” adding that the Shepherd building appears to be in good shape, and the right business may be able to reuse it.
The idea that Car-X, currently at the corner of Madison Street and Euclid Avenue, could be relocated farther east has been one Chen said he’s “heard any number of times.” Though the move would allow the village to pursue acquisition of an uninterrupted stretch of land from Oak Park Avenue and Madison Street heading east, Chen said the idea is currently just speculation.
“It may not be something that Car-X desires. I don’t think it’s appropriate to comment on someone else’s business desires,” he said. “There may be something else that can service that corridor as well.”
The owner of that Car-X told WEDNESDAY JOURNAL in April of 2001 that she would consider moving across the street if enough room was available for the business to expand. She also said the Madison Street franchise is the most successful in Illinois, and the second most profitable in the country.
The owner could not be reached for comment this week.
At a regular board meeting last Monday, six trustees voted in favor of the purchase. Board member Robert Milstein abstained on exercising the right of first refusal, and then voted against using TIF dollars to buy the property.