At the Sept. 5 Glenview village board meeting, trustees passed two measures spurring new construction on the west of the downtown district (1850 Glenview Road) and to the east (1749 Glenview Road).
The Drake Group of Glenview is developing the Bess Hardware former site at 1850 Glenview Road and will receive $2.5 million from the village once Drake meets requirements of its project build out.And Ballyhoo Hospitality, which is opening the new Jackman & Co. Restaurant at 1749 Glenview, is poised for ordinance approvals for a new restaurant building which starts construction next spring.
On March 7, Ballyhoo received a village grant of $1.75 million and must pay back a $2.25 million village restaurant loan at 2 % over 15 years. If Ballyhoo defaults, the property reverts to the village.Under the 15 year Ballyhoo repayment with interest, after property, home rule and state sales taxes, the village projects being ahead by $400,000 plus.
The Drake Group also plans construction for next spring of 65 apartments and 5,200 square feet of Glenview Road retail space in its $33.8 million development.There were Glenview neighbors on Tuesday evening who made public comments sharply against the multistory mixed-used Drake project.The economic assistance package is new to the deal for The Drake Group and was struck after project estimate costs rose 37% since 2020 amid inflation, rising borrowing rates and market changes.
The 2020 lawsuit ended in the village’s favor this past early March. The Drake Group had to close on the sale 60 days after the court case’s completion but several extensions were granted by the board. “I agree with Trustee Cooper that I don’t think a maximum cap of $350,000 is a return on our investment,” DeBoni said. “But I do believe that it is a step in the right direction.
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