A pair of developers planning to bring a mixed-use apartment building to the Chicago suburb of Villa Park secured an extension for the project.
The Villa Park village board unanimously approved Catalyst Partners and Marquette Companies’ request for a six-month extension on their purchase agreement for the lot at 100-110 South Villa Avenue, the Daily Herald reported. The developers said they needed the extension because supply chain issues delayed construction.
Catalyst and Marquette plan to build a $50 million, 210-unit residential complex called The Union with 10,000 square feet of ground-floor retail or restaurant space at the corner of Villa and East Wildwood Avenues.
“We went through a pretty rigorous process in terms of vetting a number of general contractors that we thought were appropriate for this project,” Catalyst’s David Lyon told the outlet. “Uniformly across them, it was expressed to us [that] because of disruptions in the supply chain, procurement, lead times for critical elements of the project would require a spring start.”
Lyon also said building materials such as concrete, electrical meters and switches are hard to come by and the developers need more time to get the materials.
While some have expressed concern that the developers now have another six months to back out, Lyon said they’ve already invested $275,000 to $300,000 and are committed to seeing it through.
Lyon also said with the extension, the project’s timeline might align better with the village’s plan to create a new tax increment financing district along the full St. Charles Road corridor, just to the north.
Lyon estimated that construction on the project could begin as early as March 2023.
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Chicago
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— Victoria Pruitt