Village Of Glen Ellyn: Village to purchase Roosevelt Road Hotel properties to revitalize the site

0



June 30, 2021

At the June 28 village council meeting, the council approved the contract to buy and sell the Roosevelt Road hotel properties, located at 675-677 Roosevelt Road and 660 Taft Road, at a cost of $ 2.00 $ 85 million. By purchasing the property, made up of six separate plots and two permanent buildings, the village hopes to generate interest in this site which has long been identified as a redevelopment opportunity in the Roosevelt Road corridor. “Encouraging reinvestment in this site is a long term goal of the village council,” said Mark Franz, Village Director of Glen Ellyn. “Since the property has been on and off the market, the village has decided to actively pursue the site to stimulate future investment and encourage a holistic approach to business development. In 2013, the Village established the area containing the hotels as an Incremental Tax Funding District (TIF). The approved Roosevelt Road redevelopment plan includes hotels as a potential development site. More recently, the current draft comprehensive plan identifies hotels as catalyst sites for investment and redevelopment. The Village hopes that investment in these catalyst sites provides an incentive to further develop and reinvest in adjacent properties along the corridor. As a condition of closure, the Village requires that the property be completely vacant. If the owners are unable to do so at closing, the Village may terminate the contract without penalty. Once the property is acquired, the village will prepare the site for future development, solicit requests for proposals for the redevelopment of the site, and assess and determine the best use of the property. The property is located in the C3 commercial zoning district, which allows for a wide range of retail and service uses.



Leave A Reply

Your email address will not be published.