Economic Developments

The Union

The Village approved a Letter of Intent December 6, 2021, with Catalyst Partners and Marquette Companies to develop the Village owned property at 100 – 110 S. Villa Ave. The developers proposed a $50 million, mixed-use project consisting of 220 market rate apartments, 8,000 sf of commercial space and a two-story parking deck that would include 425 parking spaces (including 100 public parking spaces).

The Planning & Zoning Commission recommended approval of the project at its May 12, 2022 meeting.

The Village has approved three extensions to the Letter of Intent due to supply chain issues and the sharp increase in the cost of construction materials. The developers are preparing for a spring 2024 construction start.

Eco terra

Hawthorne Development has proposed a $120 million mixed-use market rate residential project at the southeast corner of Ardmore and Vermont immediately adjacent to Villa Park’s Metra station. The project will consist of 348 market rate apartments consisting of 10 studio units, 273 one bedroom units, 65 two bedroom units, 8,878 sq.ft. of commercial retail space, and 440 parking spaces. The project amenities will include, among others, a 36,000 s.f. open deck area, a 2,300 sq.ft. swimming pool, a 3,500 sq.ft. fitness room, an outdoor fire place and seating area, WeWork space, a dog wash station, and a virtual golf simulator.

The Village Board approved zoning changes to accommodate the project June 14, 2021.

The Village Board approved the redevelopment agreement and the issuance of TIF revenue bonds on August 23, 2021. Read more about this agreement in the Daily Herald article here.

Hawthorne Development closed on all the properties within the development area September 30, 2021.

The redevelopment agreement for the Eco Terra project was amended January 24, 2022 to extend the deadlines for the issuance of all required building permits and the conveyance of the new parking lot to the Village.

Demolition of the commercial buildings and two duplexes, and relocation of the utilities occurred over the spring and summer 2022.

Hawthorne Development currently is seeking permanent financing in order to begin construction of the building.