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It's official: Oak Park approves the condo/hotel tower
The Village Board approved the plan Monday night, according to the Tribune.
From the article: With Monday's vote, the clock is ticking for developer Michael Glazier of Sertus Capital Partners. Glazier has 120 days to raze the vacant retail building, 18 months to get building permits, 23 months to secure and prove he and Sertus have financing for the entire project, and three years to complete construction.
Thoughts?
From the article: With Monday's vote, the clock is ticking for developer Michael Glazier of Sertus Capital Partners. Glazier has 120 days to raze the vacant retail building, 18 months to get building permits, 23 months to secure and prove he and Sertus have financing for the entire project, and three years to complete construction.
Thoughts?
Tags: condo, controversy, lake, oak, ordinances, park, redevelopment, street, tower, zoning
Replies to This Discussion
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Permalink Reply by Becca on -
I'll be curious to see how this plays out. I have a feeling it won't be done in 3 years.
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Permalink Reply by w.byron reaves on -
bad idea
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Permalink Reply by Scott Hand on -
I could be wrong, but my reading of it gives them 81 months to complete the whole project. The three years is just the construction on the tail end of the other items...
I understand financing probably doesn't exist yet, but other than that, this is a really long timeline and they should be able to hit that design/construction-wise without trouble.
They are allowing it to be done (at the very latest) by December of 2016.
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Permalink Reply by Fred tamburino on -
with this bad times everyone is having it will sit there empty! no one is travling or spending money.
they shoudl of let the business stay open while they figured out what to do with that bock again here we have no sales tax revenue coming in to the village with all those stores empty!
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