Do the redevelopment plans meet the minimum parking requirement?
How many apartments are proposed?
14 one-bedroom and 8 two-bedroom
How much will the rents be?
Current Market Rate at time of availability
What are the included incentives with the purchase and redevelopment?
The Village will sell the property to the developer for one dollar ($1.00).
The Village will reimburse the developer for the cost of demolishing the existing building.
The Village will annually reimburse the developer for TIF eligible costs over 20 years from incremental real estate taxes generated by the project up to a maximum amount of $4,700,000.
Non-Village incentives are available through the Cal-Sag Enterprise Zone.
What are the sizes of the apartments?
What are the sizes of the hotel rooms?
What is the proposed development?
The proposal is to construct a four-story mixed-use building that will have a restaurant on the first floor, two floors of apartments and one floor of LaBanque Hotel rooms
What is the square footage of the restaurant?
5,570 sq ft.
What is the total cost of the project?
The total cost is projected at approximately $7.8 million.
What restaurant is going into the space?
What will this development do for our downtown?
It will redevelop a building that has been vacant for several years, increase foot traffic for businesses, and provide market-rate housing for empty nesters, young professionals, and millennials.
When will construction begin?
Tentatively Summer 2020
When will construction finish?
Tentatively Spring 2022
When will the apartment rentals begin?
When will the restaurant open?
Where will business customers park during construction?
Existing public lots downtown and street parking
Why are these incentives necessary?
The project would not be financially viable without incentives because of the high property taxes and construction costs on Cook County compared to Will County and Indiana.
Will construction alter the footprint of events?
TBD. The Village is working on appropriate contingency plans for all events that may be impacted.
Will on-street and off-street parking be unavailable during construction?
Temporarily during times of construction.
Will Ridge and Martin be closed during construction?