Submitted By
Jill Velan
Reviewed By
LKS
Agenda Item Title
Title
Manager’s Report - Lake+Forest Development Construction Update
End
Overview
Overview
This is an update on the construction activities for the Lake+Forest Development. The construction has been underway for almost a year and the Public Parking Garage completion date is approaching for Fall 2015.
Body
Staff Recommendation
N/A
Fiscal Impact
There is an approved budget of $10,759,300.59 for this project.
Background
Construction of the new Lake+Forest Garage has been underway since Fall 2014. According the redevelopment agreement the Village entered into with WDF-3 Wood Oak Park Owner, LLC, the developer will have the public parking garage substantially complete in the first phase of the project. With this timeframe in mind the Village is preparing for parking garage completion this Fall 2015. In addition the developer is preparing for partial occupancy of the residential/retail project in Fall 2015 with final occupancy in Spring 2016.
Construction activity is in full swing and it is projected that all 20 floors will be framed out in the next few months. Interior work is ongoing and will continue through the end of the project.
Public utility work has started with Commonwealth Edison extending service to the project down Forest Avenue. They are about halfway done with their work at this time. Nicor will begin work on the new gasline for the project in mid-August.
Alternatives
N/A
Previous Board Action
The Village Board most recently approved updates to the Budget for this Project on May 18, 2015.
Citizen Advisory Commission Action
N/A
Anticipated Future Actions/Commitments
Staff will be bringing forward requests for Village Board consideration of a Parking Garage Operator and Automated Revenue Control equipment for the new Garage in September 2015.
Intergovernmental Cooperation Opportunities
N/A
Performance Management (MAP) Alignment
Parking and Mobility Services is scheduled to start MAP in the final phase.