Village of Oak Park Approves Madison Highlands Development
Development is catalyst for redevelopment on Madison Street promoting a walkable, bikeable community
Oak Park, Illinois // October 22, 2009
Madison Highlands LLC, an area developer led by Oak Park and River Forest residents, announced today that the Village of Oak Park approved the mixed-use green development featuring 74,000 square feet of office and retail space at its board meeting October 19. Located at 303 West Madison, at the corner of Madison and Highland, the four story development will bring Class “A” office space and high profile retail to the heart of Oak Park. Madison Highlands will be a catalyst for redevelopment on Madison Street in Oak Park and will help promote a walkable, bikeable community. With two buildings spanning Highland Avenue, Madison Highlands is close to public transportation and the expressway. The development is expected to break ground in the Spring of 2010.
The decision by the village board culminates a two-year process to design a project that fulfills the vision of the Madison Street Corridor Plan adopted by the village in June 2006. The plan provided a road map for the redevelopment of Oak Park’s commercial corridor and the widest street in the village.
Madison Highlands will be a high performance “green” building built to LEED Silver certification standards. LEED, which stands for Leadership in Energy and Environmental Design, is a national standard for the design, construction and operation of high-performance green buildings. Madison Highlands will incorporate many green building features, including:
- Highly insulated building envelope
- Green roof
- Non-toxic, low VOC and formaldehyde free coatings, adhesives and fibers
- Low-flow toilets and touch-free washrooms
- High efficiency lighting (LED and compact fluorescent)
- Sustainable landscape
Nevin Hedlund Architects, based in River Forest, is the architect, and investors include Nevin Hedlund, Mas Takiguchi, Mary Jo Schuler and Frank Muriello. “We are pleased that the village, in difficult economic times, has approved a project that will bring Class A office space, tax revenues and jobs to Oak Park,” says Hedlund. “And Madison Highlands will be a ‘green’ development, furthering Oak Park’s desire to be a sustainable community.” Tenants will have the opportunity of leasing or ownership in office and retail space. Ownership in office condos provide such benefits as the ability to make capital improvements, establish equity in real estate and experiencing income tax benefits.
In cooperation with the Village of Oak Park, an attached parking structure will allow for public retail parking on the first level with permit parking on the second level. Madison Highlands is supported by Oak Park Development Corp., Madison Street Business Association and the Madison Street Coalition.
For more information on leasing and condo ownership opportunities at Madison Highlands, call Frank Muriello at 708.771.5788 or visit www.madisonhighlandsop.com.
About Madison HighlandsMadison Highlands, a four-story retail/office condominium development located in Oak Park, combines sustainability with Class “A” office space and prime retail opportunities in the heart of Oak Park. The 74,000 square foot development, located at 303 West Madison Street in Oak Park, is expected to be LEED Silver certified, allowing tenants to experience a healthier and more energy-efficient environment. For more information on Madison Highlands call Frank Muriello at 708.771.5788 or visit www.madisonhighlandsop.com.
