Another nail was hammered into the coffin of a stalled housing development Monday evening when council members voted during their June 22 meeting to declare Alex Troyanovsky in default of a 2007 agreement to rehab the so-called Roos property at 7329 Harrison. The faltering project – expected to bring townhouses and condominiums to the site – went into foreclosure earlier this year.
Troyanovsky, whose Forest Park LLC owns the property, will be given notice that permits and approvals issued by the municipality will be revoked in 30 days. According to a resolution approved by the council, work at the site has been too sporadic to meet the terms of the 2007 agreement.
The council will also notify Troyanovsky that unless construction resumes, the village will draw on a letter of credit that was required of the LLC as a condition of approval. That money, approximately $500,000, would be used to make various infrastructure improvements to the neighborhood surrounding the failed development.
The Roos, a long-vacant industrial property at the corner of Circle Avenue, was expected to be rebuilt as one of Forest Park’s largest residential projects. Seventy condos were slated for the multi-story brick structure that circles the southern and eastern edges of the site, and another 28 town homes were to be constructed along the western edge. However, a downward spiraling housing market eventually prompted Amcore Bank to foreclose on a $15 million loan issued for the project. Subcontractors have also filed liens in an effort to recoup their costs.
Meanwhile, the Park District of Forest Park has taken an interest in the property, and in February will ask voters to support a tax increase so that the parks can acquire the land. Neither the purchase price nor development costs have been made clear. Officials for the district have said they are negotiating with Amcore.