The City of Oak Forest and MidAm Development Properties, LLC, came to an agreement Nov. 27, that could mean an overhaul for properties in the 5400 block of W. 159th Street.
The agreement, which aldermen unanimously approved, sets a six-month timeframe for MidAm to solicit business to the site—which would ideally spark a chain reaction of development.
“We're working with an accredited developer like MidAm, with their connections and their experience, I'm hoping they'll be able to market the city of Oak Forest in such a way that will truly bring retail to Oak Forest,” said Mayor Hank Kuspa. “We need retail.”
During a brief presentation to the city council, MidAm Development Properties co-founder David Bossy spoke about the company's proven track record, specifically referring to Home Depot and Jewel Osco stores in Homewood.
“We work very, very well with municipalities,” he said. “Trying to understand their needs, working out a development agreement of that nature and then promoting them out and doing what we do.”
As for what might move into the location, commonly known as the Oak Fest site and church property, Bossy said he envisions a number of possibilities.
“We can do the best that we can do, we will market this property professionally,” Bossy said. “We will do our best to attract national credit tenants and put together a nice unified development.”
Likening the area to the intersection of159th and Harlem Avenue, Bossy said the site could be “a real quality neighborhood or community.
“Certain retailers are looking to populate the more densely populated area,” he said. “There's a whole group of commercial people who are looking to intercept the population in their bedroom communities. … It'll be a commercial development, based on my sense.”
Bossy added that the process should take six months and that he was hopeful to meet more businesses game for the opportunity, than not.
“We'll identify within six months, anybody and everybody that's interested,” he said. “That's what we do. We've got a 35-year history in the industry, we've known the heads of real estate for all of these companies on a first name basis. We can get some quick 'No's,' but hopefully some quick 'Yes's.'”
Bossy added that should retailers not be interested in the location, the possibility for a senior living facility, either assisted or unassisted, could also work at the location.
Stay in the know on all things business in Oak Forest. Sign up for our daily email newsletter.