Title/Name/Summary
Downtown Main Street District - Parcel C RFP
History
The Village’s 27-acre Downtown Main Street District (the “District”) is located at the northwest corner of 143rd Street and LaGrange Road and is owned or controlled by the Village for the purposes of promoting mixed-use retail, commercial and residential development. The District is also located in a TIF District that was created in 2004 (amended 2007).
The District is delineated into seven (7) developable parcels labeled A thru G, with the balance of the land improved with Metra facilities, detention, and open space. Today, Parcel D is fully built out with the Ninety 7 Fifty residential building, and Parcels F and G will soon be developed with a public parking garage and the University of Chicago’s medical office building respectively. The remaining parcels are currently vacant.
At this time, the Village is ready to develop the next phase of the District, in particular Parcel C (the “Property”). The Property is +/- 1.59 acres, triangular in shape, and situated along the north side of 143rd Street, east of the railroad tracks and immediately west of the Ninety 7 Fifty residential building. Masterplans for this site call for a project that either is entirely residential or is a vertically integrated mixed-use project with a substantial residential component.
Pursuant to the Ninety 7 Fifty Redevelopment Agreement, the Village was required to communicate first with Flaherty & Collins (the “Developer”) our interest to commence with the development of Parcel C. Accordingly, in April of 2015 the Village presented to the Developer a non-binding Term Sheet illustrating the nature of development sought. Details of the Term Sheet are presented in the next section. In May of 2015, the Developer provided notice to the Village declining the Term Sheet, effectively relinquishing their right of first proposal.
Based on the foregoing, Staff recommends that the Village move forward with a public off...
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