The first phase of the Lake & Forest development project is complete. Village of Oak Park officials will be cutting a ribbon Feb. 29 to commemorate the official opening of the new Lake & Forest Public Parking Garage.
The old parking garage at Lake Street and Forest Avenue has been closed since Aug. 4, 2015. Permit holders, visitors, shoppers and employees who used the public parking garage were directed to the Holley Court Garage and the Avenue Garage during the time of construction. According to a Village press release, the new garage will feature 588 spaces, with 300 spaces dedicated to public parking at current rates for other Village-owned parking garages.
The opening of the new parking garage represents the first phase of the Lake & Forest mixed-use development project. Along with the integrated parking garage, the development also includes 270 rental apartments and 25,000 square feet of ground-level retail. Construction of the new development is expected to take about 18 months to complete, according to officials. The $94 million project is expected to create construction jobs, retail positions when complete and bring in an estimated $1.3 million in new property and sales taxes each year.