Jan
12

Disputed Metro Chicago Real Estate Accepted

January 12, 2012

A western suburb is moving forward on the construction of some controversial metro Chicago new homes.

Oak Park trustees this week unanimously approved the addition of a 20-story apartment building at the corner of Lake Street and Forest Avenue in the heart of the city’s downtown area.

The proposed Oak Park highrise.

The trustee’s 7-0 vote overrode the Oak Park plan commission’s 4-4 vote in November, which failed to approve the project.

Opponents of the structure, which will be the tallest building in Oak Park when completed, say the development would be an eyesore to the architecture of the historic downtown district and will cause traffic congestion.

Supporters say the highrise will create housing, businesses and jobs for Oak Park.

The $91 million project will include 270 apartment units, 25,000 square feet of commercial space on two floors and a 588-space parking garage.

The project has gone through many changes before approval. The original plan was for a highrise that included 85 condo units and a 140-room hotel. Seeing a bigger need for rentals in this rough metro Chicago real estate market turned the developer’s attention to apartments.

That developer, Chicago-based Sertus Capital Partners, wants to begin construction in the fall of this year and hopes for completion by the summer of 2014.

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