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Earlier this week, the Cook County Circuit Court appointed a receiver to manage the Lake & Lathrop property as part of ongoing foreclosure litigation between Sedgwick and Beverly Bank & Trust, a subsidiary of Wintrust Bank. Village officials have met with the receiver to discuss the immediate need to improve the condition of the project site. Officials will work closely with the receiver to stabilize and secure construction fencing and handle other cleanup in a timely manner.
As with any approved private development with a public body, the Village was required to allow the developer to meet a series of benchmarks per the development agreement, which was initiated in 2018. Due to Sedgwick successfully meeting those initial requirements, including remediation of the site, it was awarded an 18-month building permit in February of 2022. Over the last year-and-a-half, Sedgwick has experienced several challenges, including foreclosure litigation, which ultimately have led to a lack of progress, and the revocation of their building permit.
“The Village is disheartened that this private development could not be completed within the permit time frame. We are hopeful that the parties can work out their settlement amicably so that progress can be made in this important area of River Forest,” said Village President Cathy Adduci. “As we look ahead, doing site cleanup and repairs is now our first priority.”
On Monday, September 18, Village crews will begin repairing disrupted sidewalks on Ashland Avenue and Lathrop Avenue near the construction site.
The Village remains committed to approving a high-quality development at this prime location and will collaborate with all involved parties to find a resolution in the best interests of River Forest and its residents.
Updates on this project will be provided through the Village’s weekly E-newsletter. To sign up, click here.
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