Downtown Oak Park to get a makeover
Village officials in Oak Park are looking for a company to head the redevelopment of several downtown lots.
Seven developers presented plans for the neighborhood to the village council. Three finalists will be announced at today’s meeting. Village officials are looking for a comprehensive plan for a project that includes residential, retail, parking, and hotel space.
The land pegged for development is located at 1121-1123 Lake Street, 1125-1139 Lake Street, and 1145 Westgate Street.
Construction on the project could begin late next year, with the final decision on which company will be the developer expected by March.
The condo market in Oak Park has remained relatively, despite a general downturn in sales of Chicago Condos around the region.
According to the Chicago Association of Realtors, sales were down 28 percent during the third quarter, but remained at historical levels. The average sales price for a condo in Oak Park was up 16 percent from last year, one of the largest increases in the Chicago region.
Oak Park officials hope to attract new life to the downtown area with the construction of several mixed-use projects that promise to bring new residents and businesses to the area.
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