Oak Brook voters approve $18M bond sale to make McDonald’s land a park

The Atlanta-based Pulte has also proposed to build 170 townhomes on the property

TRD CHICAGO /
Nov.November 09, 2018 08:00 AM

he 34-acre field the Oak Brook Park District has proposed to buy from McDonald’s

The Oak Brook Park District won the backing of more than two-thirds of the town’s voters on Tuesday for a proposed $17.9 bond to buy 34 acres of vacant land from McDonald’s.

The district was seeking public approval for its plan to convert the grassy expanse into public play fields, according to the Tribune. The restaurant chain finished moving its headquarters earlier this year from Oak Brook to Chicago’s Fulton Market neighborhood, and the suburb’s leaders asked the company about buying the land as far back as 2016.

Still, park district officials have acknowledged that the proposed $17.9 million bond may ultimately not be enough to buy the property, as a developer could outbid them.

The Atlanta-based Pulte Group has proposed to build a 170-home gated community on the land. ] But the company has yet to formally propose its plans to the Oak Brook Village Board, which would have to approve it.

A roughly 14-acre chunk of the land had previously belonged to the park district, until McDonald’s bought it for $10 million in 1996.

The Houston-based Hines has proposed to demolish the restaurant chain’s Oak Brook office park and build multiple towers in its place.

Earlier this year, Zeller Realty and Olympus Ventures refinanced the 546,000-square-foot Commerce Plaza office complex in Oak Brook. [Chicago Tribune]Alex Nitkin


Related Articles

arrow_forward_ios
905 West Fulton Market and DineAmic founders David Rekhson and Lucas Stoioff (Credit: Thor Equities)

Prime & Provisions owner inks lease for new restaurant in Fulton Market

Thor Equities CEO Joe Sitt and a rendering of 800 West Fulton Market (Credit: SOM)

Thor Equities lands $144M construction loan for new tower

Flexport CEO Ryan Petersen and 333 N. Green Street (Credit: Getty Images, Sterling Bay)

Sterling Bay inks tech firm to latest lease at Fulton Market HQ

Chicago Skyline (Credit: iStock)

Windy City’s real estate blown away by other cities

President Donald Trump, Trump International Hotel & Tower 401 N. Wabash Avenue and Cushman & Wakefield CEO Brett White (Credit: Getty Images, Cushman and Wakefield)

Trump Tower has new leasing broker for failing retail space

Ald. Daniel La Spata (1st) and 2620 Hirsch Street in Humboldt Park (Credit: Google Maps)

RBH Group faces setback in its Teachers Village resi project

Freehand Hotel and Queensgate Investment Company CEO Jason Kow

Queensgate lands $44M acquisition loan on hip Freehand Chicago hotel

The Ramova Theatre and Ald. Patrick Daley Thomson (11th) (Credit: iStock)

A real estate encore for the Ramova Theatre

arrow_forward_ios