Redevelopment plans for a senior living facility, as well as a Pete's Fresh Market, recently won approval from the Oak Park Village Board. The grocery and facility are on Madison Street.
The board selected Jupiter Realty Company in October as its preferred developer for the properties the village owns on Madison Street, from 700 to 728. The proposal would require collaboration among Jupiter, Essex Communities, Paragon Real Estate, and Pete's. The space designated for Pete's Fresh Market is a 41,500-square-foot area between Wesley and Euclid avenues, on Madison Street's north side. In addition to the market, a parking lot providing 116 spaces will be built, and smaller spaces for retailers will also be constructed.
Jupiter also proposed buying private property at 711 Madison Street to build a senior living facility. Paragon Real Estate would build the eight-story building; Essex Communities would own it. Owners of facilities such as this can use brochure printing to illustrate the amenities of the project.
Anan Abu-Taleb, the mayor of Oak Park, said the redevelopment of Madison Street is needed badly, particularity as its current status as a tax increment financing district (TIFD) will expire at the end of the year.
At present, the Madison Street corridor brings in approximately $140,000 annually in property taxes. However, if the planned developments take place, Abu-Taleb believes the revitalized area could bring in as much as $32 million over the next 20 years.
