Oak Park Economic Development Highlights 2017, Oak Park, Illinois

24670

 

Total private investment:

$29,900,000

 

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New full-time equivalent employees:

215

 

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62,000 new square feet leased

80,000 new square feet developed

 

Overview: In 2017, OPEDC, worked in close partnership with the Village of Oak Park to solidify Oak Park’s position as the premier urban suburb west of the city. Oak Park welcomed new retail in Downtown, the Hemingway District, the Oak Park Arts District, the Pleasant District and Southtown. Retail occupancy hit 100% on Marion Street between North Boulevard and Lake Street before year end. 2017 saw completion of The Emerson, a mixed-use development with 271 rental and ground floor tenants including Target, The Groomery, Firecakes Donuts and, adjacent, Wheel and Sprocket.

On the other side of the el tracks, Lincoln Properties’ 250-unit mixed use project got underway, with delivery expected in early 2019. In October, the Village Board approved a step design for Albion, a mixed-use project at 1000 Lake Street. Meanwhile, District House condominiums on Lake Street is 75 % sold and looking forward to delivering units in May 2018. Lexington Homes plans to turn most of a block of Madison Street into townhomes. Flexhouse, a new type of home/work environment, will soon come to Harrison Street; Harrison Street will also welcome MORA Asian Kitchen, Rare Bird Preserves and other new tenants. Two new breweries moved into the Pleasant District: Wild Onion Tied House and Two Brothers Social Tap. Oak Park has the highest retail occupancy rate of twelve similar communities including Naperville, Evanston and La Grange.

 2017 Featured Projects

emersonThe Emerson

The Emerson is a new mixed-use tower next to the Harlem CTA and Metra stop. 271 rental units—currently over 30% leased—span two buildings, connected by a sky-bridge. Retail, including Target and The Groomery, occupy the first floor. The complex furnishes 428 parking spaces for use by residents, shoppers, and downtown commuters.

 albionAlbion

In October, a stepped design for a mixed-use building at 1000 Lake Street was submitted by Albion Residential and approved by the Oak Park Village Board. The plan, which was amended from earlier versions, calls for the Lake Street frontage of the building to top out at 19 stories, with height gradually dropping to the north. Along its north façade, the building will be nine stories tall, or 96 feet in height with “steps” built into the structure at floors 10, 14 and 18. The building plans to include 265 residential units and first-floor retail space, as well as 207 parking stalls.

Retail Tenants: Target & Cooper’s Hawk

In October, Target opened a small-format store with doors opening onto both Lake Street and Westgate. The store is a tenant in The Emerson.

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Cooper’s Hawk Winery & Restaurant is the anchor tenant in the mixed-use 21-story Vantage building at 150 Forest. The Countryside-based restaurant and winery chain, which now has more than 20 locations, operates a restaurant, bar, tasting room, “artisan market” and private events space as well as outdoor dining and an active wine club.

fhFlexhouse

Breaking ground on Harrison Street in spring of 2018 is Flexhouse, recent winner of the Congress for the New Urbanism (CNU) Illinois Charter Award. According to developer Chris Dillion of Campbell Coyle, Flexhouse is “a new type of home that is tuned to today’s buyer.” These modern and efficient homes foster sustainable choices and appeal to urban lifestyles by incorporating live/work design elements. The project sold out in approximately one month, while tenants and buyers are sought for the “bookend” buildings at 200 and 210 Harrison Street.

 

Lexington Homeslex

In December, Lexington Homes partnered with the Village in a redevelopment agreement which will bring 21 town homes to two Village-owned lots on Madison Street between Home Avenue and Clinton. Construction will commence in 2018.

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