Villa Park grants purchase extension for mixed-use development

Project to bring 210 residential units to Chicago suburb

Rendering of the mixed-use housing and retail development near Lions Park with Marquette Companies Nick Ryan (Marquette Companies, Catalyst Partners)
Rendering of the mixed-use housing and retail development near Lions Park with Marquette Companies Nick Ryan (Marquette Companies, Catalyst Partners)

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.

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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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311 West Huron Street (Verso River North, iStock)
Commercial
Chicago
Full construction permit issued for mixed-use building in River North

— Victoria Pruitt