TINLEY PARK, IL — Land ordered by Tinley Park from Lincoln-Way Significant College is becoming resold from the village to a suburban improvement group, village officers stated a board conference past 7 days.
GSP Development group from Des Plaines was authorized to obtain the 72-acre great deal close to Interstate 80 and Harlem Avenue for $1.7 million. In accordance to village documents, Tinley Park acquired the land from District 210 in February of this yr for $1.5 million.
Just before: Tinley Park Purchases 72-Acre Lot From Lincoln-Way For $1.5 Million
The land was initially obtained in 1996 when District 210 officers planned to make Lincoln-Way North at the location. After neighbors voiced security concerns close to acquiring the higher college at the crossroads of two fast, chaotic streets, the school was alternatively developed at 199th Street and Harlem Avenue.
From there the parcel changed fingers — and plans — various moments. In June of 2017, District 210 elected to promote the land to Woodman’s Meals Marketplace for a hefty $4.6 million. The following calendar year, nonetheless, the corporation declined to acquire the house just after stating the developable land in the home was not big sufficient for the planned shop, gasoline station and auto clean.
Adhering to Woodman’s choice, district officers hired a Chicago-dependent appraisal business to give an estimated price of the land. In accordance to them, only 23 of the full 72 acres on the site are “developable,” this means structures can be created in total on the land.
The company reported pipeline troubles, flood system and stormwater specifications created it so the remaining 49 acres could pose a problem to develop on. In overall, Appraisal Associates valued the land at about $1.55 million.
GSP Progress can elect do an unbiased analysis of the web page to make sure it matches their requires. As of Friday, spokespeople for the growth group experienced not returned Patch’s request for remark on what the firm designs to establish on the land really should the sale go through.
Tinley Park’s Board of Trustees unanimously voted to enter the sale arrangement last 7 days, which asks for a $50,000 deposit which the village would return if GSP Development decides to back out prior to June 1.
Other GPS Advancement web-sites consist of Apex 41 in Lombard, which is an upscale condominium complex. The firm is also in the midst of making an condominium development in Glen Ellyn.