South Blvd. developer misses deadline, faces fines

Oak Park board could impose monthly $75,000 penalty for failure to build

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By Timothy Inklebarger

Staff Reporter

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."

CONTACT: tim@oakpark.com

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Joe Langley from Oak Park  

Posted: April 19th, 2017 9:30 AM

This is the work of our Village Attorney and Village Manager. Thanks Cara and Paul!

Donald Register from Oak Park  

Posted: April 18th, 2017 5:04 PM

How many more high rises are we in for? It looks like we'll be living in the shadows before too long. We now have a mayor instead of a Village President and may soon have City of Oak Park instead of the Village of Oak Park. The cost for new signage will be paid for by the income from the sale of plastic bags. I guess I'm just an old fuddie duddie. ls it time to start packing? packing!

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