‘Development friendly and ready’: Bartlett to pay $3 million for Lake Street site

Bartlett plans to purchase approximately 20 acres of vacant land on West Lake Street in hopes of seeing it redeveloped with a large-scale, mixed-use project.

The village expects to pay about $3 million for the land at 651 W. Lake St., which sits just east of Route 59 and within the town’s Lake Street Tax Increment Financing District.

Once the land is in the village’s hands, officials would seek public input on what should be built there and solicit proposals from developers.

Village President Dan Gunsteen said the development could serve as a catalyst for bringing other projects to that part of town.

“Our goal is to attract developers for a wide variety of development, anywhere from multifamily (housing), mixed-use, hotels, retail and restaurants,” he said.

The Lake Street TIF was established as an economic incentive for developers to build along that corridor on the village’s north side. In a TIF district, property taxes paid to local governments are frozen for up to 23 years. Any additional property tax revenue generated by development within the district is funneled to a special fund controlled by the village, to help pay for redevelopment efforts.

“We are development-friendly and ready,” Gunsteen said.

Assistant Village Administrator Scott Skrycki said development on that site could create “a gateway that the village can be proud of.”

“This will really help our mayor and board carry out a good quality vision for the residents,” he said.

The purchase also is part of a project to realign Oak Avenue, Gunsteen said. The project will create a four-way, signalized intersection at Oak Avenue and Lake Street.

“Our goal is to utilize that four-way intersection as a gateway to our downtown Bartlett, which is also going to be undergoing some large redevelopment and attracting new businesses,” he said. “We're not just focused on the Lake Street TIF, we're focused on our entire town.”

The village plans to get the community involved once plans are finalized. Gunsteen hopes to eventually see multiple developments along Lake Street.

“We have a village board that is progressive in development,” Skrycki said. “Our staff is excited to really welcome all developers to come to Bartlett.”