The village of Oak Park has selected a preferred developer for parcels it owns on Madison Street, which could lead to the construction of 21 town homes at the site.
After acquiring the old Robinson’s Ribs and Oak Park District 97 buildings at 940-970 Madison St., the village sought redevelopment proposals for the parcels.
In all, seven proposals were received, and at the June 5 village board meeting, Oak Park Economic Development Corporation Executive Director John Lynch announced the selection of Lexington Homes as the preferred developer.
According to its proposal, Lexington Homes intends to purchase the land from the village for $1,050,000 and construct 21 town homes on the two parcels with the existing north/south alley remaining.
Lynch said each town home is expected to sell for between $445,000 and $500,000.
“I think, at this price point for a new unit, [it] is going to be very attractive,” Lynch said. “Units of this size at this price point, I think it will be a home run type of development.”
Trustees approved a plan asking village staff to negotiate a redevelopment agreement with Lexington Homes by a 5-2 vote, with trustees Simone Boutet and Dan Moroney voting no.
“For me, I want to see this block be an economic driver for Madison Street,” Moroney said. “I’m fine with your use and scale of construction, however, the architecture is very important to me. For me to recommend this plan, I really want to see and have a good concept of what it will look like. In order to recommend, I really need to see a version of something unique or something special.”
Boutet said she didn’t dislike the idea of town homes, but she would have preferred senior housing at the site, which is close to Rush Oak Park Hospital.
“I think we need to take serious consideration to developing senior housing in Oak Park,” Boutet said. “It would be senior housing right next to the hospital. It seems opportune.”
Resident Meghann Moses, who lives near the proposed development, said she would have preferred something different for the site.
“While the community at large does need more residential at this price, I really would like to see this particular site be commercial development,” Moses said. “I would like to see the OPEDC work with the developer to come up with something that would benefit the community and include commercial and not town homes.”
Trustee Bob Tucker said seeking a redevelopment agreement with Lexington Homes is just a start, adding there will be plenty of time for officials to have their concerns addressed.
“I tend to think this kind of town home at that kind of price range is needed,” Tucker said. “This is just a start. Now we’re going to get into the nitty gritty and the details. It’s going to come back to us, and we can say no. I have faith in the plan commission to deliver something of significance to us.”
According to Lynch, the Lexington proposal is expected to provide $187,000 in annual property tax revenue to local taxing bodies. Lexington expects construction of the town homes to take approximately 12 months.
In 2015, the village entered into a land transfer agreement with District 97, which gave the district land at 260 Madison St. for a new administration building, while the village acquired the former administration building at 970 Madison St. In June 2015, the village purchased the Robinson’s Ribs property at 932-946 Madison St. for $495,000. Robinson’s then moved to a new location at 848 Madison St.
According to Lynch, other proposed uses for the site included a six-story senior citizen development, retail, a grocery store, an auto parts store and large residential buildings with green space.
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