July 29, 2010 - Residents of Oak Park could see demolition work start next week in preparation for the new mixed-use Chicago real estate development that will be built there. The site is on Lake and Forest Avenues and the structures that are currently there would have been razzed sooner but for an area construction workers strike, according to a recent article in the Tribune.
The developer of this planned project is Michael Glazier of Sertus Capital Partners. He was granted approval for the tower just this past March, although he has yet to secure a construction loan. The village approval included a provision that Mr. Glazier has to submit final plans for the project. But the village also has the right to give the developer an extension on that date as well, according to the article.
The proposed tower would be a 20 story high-rise with 85 Chicago condos, 140 hotel rooms and a 510 space parking garage. The article states that if the tower does get built it will be one of the tallest suburban Chicago buildings.
Developers must be feeling more optimistic about the housing market. However, lenders may not be as easily convinced to bankroll large projects this soon. But even without this Oak Park tower, there are lots of suburban Chicago condos for sale and you can find them by checking the Chicago real estate listings.
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