April 23, 2024
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210 apartments proposed for Villa Park

By Scott C. Morgan - Daily Herald Media Group
Wisconsin-based Catalyst Partners and Naperville-based Marquette Cos. have begun the process of purchasing and redeveloping village-owned land at 100-110 S. Villa Ave. in Villa Park. They are proposing a $50 million mixed-use apartment complex near Lions Park. (Courtesy of Catalyst Partners)

Wisconsin-based Catalyst Partners and Naperville-based Marquette Cos. have begun the process of purchasing and redeveloping village-owned land at 100-110 S. Villa Ave. in Villa Park. They are proposing a $50 million mixed-use apartment complex near Lions Park. (Courtesy of Catalyst Partners)

A $50 million mixed-use apartment complex is being eyed for Villa Park.

The village board recently voted 6-1 to approve a letter of intent from Wisconsin-based Catalyst Partners and Naperville-based Marquette Cos. to purchase and develop 100-110 S. Villa Ave.

The village-owned property southeast of Lions Park has a purchase price of $2.1 million and is mostly being used as a parking lot.

The four-story development would be called “The Union” and feature 210 one- and two-bedroom apartments with 10,000 square feet of commercial retail space on the ground floor.

In addition, the proposed building would include a built-in parking garage, with 100 dedicated spaces for visiting shoppers or parkgoers. Shuttle service to the Metra station also is planned.

According to an informal presentation made last month by David Lyon of Catalyst Partners, the project is being designed to recall the area’s history as a railroad nexus.

Village Trustee Jack Kozar this week cast the lone “no” vote, saying it was a way to express his displeasure with the village’s sale process. Kozar wanted the village to more than list the property on its website.

“It should have been shopped out larger by virtue of a commercial broker,” said Kozar, who wanted to see more bidders. “We don’t know what marketing would have done.”

The property at 100-110 S. Villa Ave. is part of the St. Charles Road Tax Increment Financing District, which will expire in 2032.

In a TIF district, property tax payments to local governments are frozen for up to 23 years. Any extra property tax money collected within the area after it is established goes into a special fund controlled by the village. The money in the fund then can be used to help pay for certain improvements, such as roads and other infrastructure.

Village Manager Richard Keehner Jr. said community input meetings on The Union should be forthcoming before a full redevelopment agreement is reached.

https://www.dailyherald.com/business/20211210/210-apartments-proposed-for-villa-park

Villa Park