Lincoln Property Company has spent more than three years working on its proposal for an 11-story, mixed-use development at the corner of South Boulevard and Maple Avenue in Oak Park.
The company is expected to miss its April deadline for breaking ground on the project, at what is now two village-owned surface parking lots, and could face fines of $75,000 a month from the village if it does not begin the project by June 29.
The Oak Park Board of Trustees approved an amended redevelopment agreement on Monday, April 17, stating that the first fine comes at the end of June and the second, about two weeks later on July 15.
Lincoln Property Group was handpicked by the village for the project in 2014 as part of a request for proposals that included five responses from various development companies.
Joe Segobiano, director of development for Lincoln Property Company, told trustees on Monday that the company expects shovels in the ground within the next 60 days.
"We'd like to do it sooner," he said, assuring the board that Lincoln has secured financing for the project.
He said a general contractor also has been chosen for the development, which will include 250 luxury apartment units, 10,000 square feet of retail space and a parking garage able to accommodate 450 vehicles.
The village noted that the project also includes "five affordable units and a pedestrian walkway on what is now Maple Avenue."
The original planned development agreement was approved by the village on May 15, 2016.
Despite the missed deadline and pending fines, Segobiano said Lincoln has been "extremely happy" to have been chosen for the project and said the village has been "a great team to work with."