What's Happening?
The village of River Forest is progressing with plans to redevelop vacant lots at the northeast corner of Madison Street and Ashland Avenue into a mixed-use building. This initiative, led by River Forest village President Cathy Adduci and village administrator
Matt Walsh, is moving to the Development Review Board for further consideration. The proposed development, by Chicago-based Five Thirty-One Partners, includes a five-story building with retail space on the ground floor and 72 apartments above. The project aims to revitalize the area, increase housing stock, and generate approximately $600,000 in property taxes. The development is part of the village's 2019 comprehensive plan, which seeks to enhance the River Forest side of Madison Street. Community feedback has been gathered through meetings, addressing concerns such as traffic and parking.
Why It's Important?
This development is significant as it addresses multiple community needs, including economic revitalization and housing expansion. By generating substantial property tax revenue, the project supports local government bodies and school districts financially. The mixed-use nature of the building aims to attract young professionals and retain empty-nesters, contributing to a diverse and sustainable community. Additionally, the project aligns with transit-oriented development goals, potentially reducing traffic and emissions by leveraging nearby public transportation options. The collaboration with neighboring Forest Park underscores a regional approach to economic and community development.
What's Next?
The next steps involve the Development Review Board's review of the proposal, with further community engagement planned. A meeting is scheduled for February 19 at River Forest Village Hall, where residents can provide input. Following this, additional meetings will focus on addressing neighborhood concerns, particularly regarding traffic and parking. The village will also conduct a traffic study to ensure the development's impact is manageable. Continued collaboration with Forest Park officials will be crucial to maintaining a vibrant Madison Street corridor for both communities.
