A dearth of commercial and industrial sites in River Forest may put the village at a disadvantage when it comes to attracting new business, but one of three notable, vacant properties may soon have a new tenant.
The Oilily building, which until recently was the site of a potential park district expansion, is the subject of ongoing negotiations. Richard Klein, a leasing agent with Newmark Knight Frank, an international real estate office, confirmed recently that a prospective client is eyeing the property. Klein’s firm is shopping the site for Oilily USA, and negotiations for a lease agreement are underway, he said. A deal could be signed this summer.
“We have one issue outstanding, then we’ll be getting into documents and I expect a closing in the next couple months,” Klein said.
The Oilily building, at 103 Forest Ave., is one of three potentially attractive locations for new development within the community. The vacant building at 7617 North Ave., most recently home to Plunkett Furniture, and the site of the former Hines Lumber yard at the corner of Madison and Forest, represent other prime spots.
Bankruptcies and cost-saving cuts are responsible for those three locations being available.
Municipal leaders have said economic development will be a focus in the coming years, and are actively looking for a larger role in spurring private-sector projects. Later this month, the village board is expected to hear a consultant’s report on how exactly it can help.
Village Administrator Steve Gutierrez said the municipality should do “anything that we can” on this front.
“One of the primary things I think we need to be is a good resource to property owners and developers, and help them understand our comprehensive plan and what our zoning says,” Gutierrez said.
Klein, who’s working to put a tenant into the Oilily property, declined to say how the site might be used or from what industry the interested party comes. However, he did say that the property has generated interest across a spectrum of potential users. Several schools have inquired about the site, as have art galleries and light industry, he said. There was also some talk of residential development, but zoning regulations in the community are tough, said Klein, and that idea gained little traction.
Leasing agents for the former Hines location and the former Plunkett store did not return phone calls seeking comment.
CONTACT: jadams@wjinc.com