Sertus to Present New Development Thursday

Sertus Capital Partners on Thursday will provide details on how the company plans to build instead of condominiums and a hotel at Lake Street and Forest Avenue.

During the special meeting, set for 5:30 pm at, 123 Madison St., Oak Park trustees will learn how the project will be laid out as well as any changes in architecture. The proposed development will still have retail on the first floor; the commercial and public parking plans will remain the same.

Related: Sertus development coverage

Trustees will decide Thursday whether to refer the project to the plan commission for a re-hearing. One hearing is slated for later this month, with another for early September, if needed. A new recommendation could be passed on to trustees in the fall.

Trustees approved the original project in March 2010 but since then the target date to submit building plans and get a permit has been extended twice.

The poor economic climate for condominiums and a hotel prompted Sertus to seek abandon its controversial plan, which called for a 140-room hotel, 85 condominiums and 28,000 square feet of retail space contained in a 20-story tower — all wrapped around a new 510-space parking garage.

Troubling signs surrounding the securing of funding began surfacing in when the board gave Sertus until December to get a building permit for the $85 million project. The effort has been in the works for two years.

Michael Glazier, Sertus' principal partner, said apartments would be a more viable option.