The Village of River Forest developed and maintains this site to keep residents informed with the latest updates on the Lake Lathrop Mixed-Use Project. This page will be updated regularly to ensure the community has access to timely and accurate information as events progress.
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In 2010, there was no planned develeopment at the site. The Village issued a request for proposals (RFP) for the development opportunity at the corner of Lake Street & Lathrop Avenue. Keystone Ventures was the lone respondent. The Village entered into an agreement with Keystone Ventures, LLC committing TIF funds for redevelopment costs in December 2010.
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In 2016, the Village Board approved a Redevelopment Agreement with Lake Lathrop Partners, LLC, a nominee of Keystone Ventures.
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In 2018, the Village Board approved a Planned Development Permit for the mixed use project.
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In June 2021, after Lake Lathrop Partners demolished and remediated the properties at a cost of $3 million, the IEPA issued a no further remediation letter that stated the site is clean and could be developed. Prior to this time, no construction would have been allowed. The IEPA letter approving remediation can be viewed here.
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In February 2022, an eighteen-month building permit was issued to Sedgwick Properties for the construction of a mixed-use development including retail and residential units. In August 2023, the building permit expired, and an extension was granted provided that specific criteria were met by September 15, 2023. On September 15, 2023, the specific criteria were not met and the Village issued a stop work order on the property. On September 13, a receiver was appointed by the bank and took responsibility for the site moving forward.
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On September 28, 2023, the following update was included in the weekly newsletter: "Cleanup at the former Lake & Lathrop construction site is ongoing. The Cook County Circuit Court appointed receiver for the property is managing these efforts, which most recently included placing dirt and seed on Ashland and Lathrop avenues adjacent to the newly placed sidewalks that are now walkable for pedestrians. Additionally, dumpsters have been removed from the site, and the receiver is working with contractors to remove additional construction materials. Other improvements planned in the coming weeks/months are to have fencing around the site replaced, and the removal of cement silos on the property. All these site improvements are expected to be completed before the end of the construction season (end of November) and will help to prime and market this property for future development."
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On October 12, 2023, the following update was included in the Village President's letter: "..."the Village continues to communicate with the court-appointed receiver regarding the improvements being made on the former Lake & Lathrop project site, to ready it for future development. Last week, the concrete mixing silos were removed, and the site fencing is now stabilized. For questions regarding the site, please contact the receiver, Ascend Real Estate Group, at 312-252-9270."
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On November 10, 2023, the following update was provided in the weekly newsletter: "Wintrust Bank, the former Lake & Lathrop project lender, and the court-appointed receiver, Ascend Real Estate Group, continue to be responsible for the maintenance of the Lake & Lathrop site, as well as for the marketing of this prime commercial property for redevelopment. The Village previously invested in this project to create a clean, viable site for development that was promised to our residents. This goal was successfully achieved in 2021 and took place prior to Wintrust Bank’s involvement as the project lender in 2022. Since then, Wintrust Bank has been responsible for the project’s oversight to ensure it came to fruition, which did not happen by the time the former developer's, Sedgwick Properties, building permit expired on September 15, 2023. The Village will not issue another building permit to Sedgwick Properties for this project. Additionally, the Village will stay in communication with Wintrust Bank to keep track of its progress, and looks forward to a new development in the near future at this location."
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The court-appointed receiver, Ascend Real Estate Group (Ascend), has listed the Lake & Lathrop property for sale through real estate broker JLL. The sale of this property will be subject to Wintrust Bank’s agreement and court approval. Any liens burdened on the property will be the responsibility of Sedgwick Properties, and then Wintrust Bank after the property is transferred by its foreclosure. The Village maintains the authority to grant or deny zoning entitlement for any proposed projects at this location.
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The Village has been reimbursed for the Ashland sidewalk repairs made in September and Ascend has paid the outstanding property taxes owed on the site. The joint cost Wintrust Bank paid for property repairs and taxes through October 31, 2023 is $66,408.34. The total budget to date submitted by the receiver and approved by Wintrust Bank, which includes Village-paid expenses and taxes, professional fees and receiver fees, is $108,303.58.
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January 18, 2024: Ascend Real Estate Group, the court-appointed receiver for the Lake & Lathrop property, continues to market this site to developers and investors. The receiver expects to call for final offers in February. Any proposed development for the site will be subject to Village zoning and permitting approval. Sedgwick Properties has filed a motion to reconsider to prevent the marketing and potential sale of this property for redevelopment. The motion to reconsider will be presented to the Cook County Circuit Court on January 24, 2024.
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March 1, 2024: Ascend Real Estate Group, the court-appointed receiver, submitted the second receiver's report this week. The report details the marketing of the site, including the five parties that submitted bids for the property. As the report states, the receiver is actively negotiating with the high bidder on a contract. The contract will be subject to court approval. The next hearing date is scheduled for March 18, 2024.
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March 22, 2024: Following the March 18 hearing, the Cook County judge issued an order revoking the court-appointed receiver's authority to market or sell the Lake & Lathrop property. As a result, the receiver has ceased efforts to negotiate the sale of the property at this time. Wintrust’s foreclosure case is still pending before the court, and is currently in the discovery phase. The Wintrust foreclosure case will take precedence and once the foreclosure case is resolved, Wintrust may be able to sell the property to another developer. Ascend Real Estate Group continues to be responsible for the maintenance and security of the site, and Wintrust is responsible for all associated costs, including legal fees and property taxes. The Village will encourage Wintrust to resolve this issue as soon as possible.
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July 9, 2024: In late June, the judge overseeing the foreclosure case between Wintrust Bank and Lake Lathrop Partners announced the case would be assigned to a new judge in the Cook County Chancery Division. As of today, the case has not been assigned a new judge. The court-appointed receiver recently filed this report detailing the actions of the receiver and the costs expended since September 2023. Wintrust Bank continues to be responsible for the costs associated with the lawsuit and maintenance of the site.
- On August 15, 2024, the following update was provided in the weekly newsletter:
Lake Lathrop Partners LLC has filed a lawsuit against the Village of River Forest, demanding the Village review and issue a new building permit. This developer was previously working on the Lake & Lathrop project until their permit expired in the fall of 2023, when project timelines were not met. Lake Lathrop LLC applied for a new building permit in May of 2024 and was immediately notified by the Village that the application would not be considered. The Village reminded the applicant that there was a breach of the redevelopment agreement, and any permit application would not be considered. The Village is confident in its position and is prepared to defend itself against this lawsuit. The priority for this property continues to focus on attracting an appropriate and viable development to the site. The foreclosure case related to this property between Wintrust Bank and Lake Lathrop Partners LLC has been reassigned to a new judge, the Honorable Chloe Pedersen. A hearing for that case is scheduled for the week of August 19. As a reminder to residents, Wintrust Bank is responsible for all legal costs associated with these proceedings. Wintrust continues to pay all costs associated with the upkeep of the property, including property tax bills. The Village will continue to be responsible for the zoning and development rights of the property.
- On August 29, 2024, the following update was provided in the weekly newsletter: "The Village’s motion to dismiss the lawsuit from Lake & Lathrop Partners was up for review earlier this week. Over the next few weeks, both parties will file additional briefings in advance of the next hearing, scheduled for Thursday, October 17. The next hearing for the foreclosure case between Wintrust Bank and Lake Lathrop Partners is scheduled for Monday, September 9. Wintrust continues to be responsible for the maintenance and property tax costs and the legal cost for foreclosure proceedings."