8/1/2008

Clark Street Development and Avalon Bay Chosen as Preferred Developer for Oak Park Site

August 1, 2008 (Oak Park, IL) - Clark Street Development and Avalon Bay Communities, Inc. were recently chosen as the preferred developer for approximately 80,000 square feet of Village-owned property in the heart of downtown Oak Park, including the Colt Building and parcels just east of the Shops of Downtown Oak Park along Lake and Westgate streets. The latest proposal would represent a $79 million investment, including nearly 200 rental apartments, about 67,000 square feet of retail and office space, and a 500-car parking garage.