Brookfield’s village board by as early as July 27 could vote to name a Chicago-based commercial real estate development firm as its “developer of record” for two key locations within the Ogden Avenue tax increment financing (TIF) district.
During the village board’s committee of the whole meeting on July 13, Village Manager Keith Sbiral said that a partnership between the village and the firm of Troutman and Dams had the potential for the village to attract national retailers to the Ogden Avenue corridor.
The firm in return would receive more leverage in its negotiations with potential end-user tenants by demonstrating the village’s willingness to work with them. The deal does not involve the exchange of any money or any other financial incentives at this point.
“There are a lot of developers who are aspirational developers,” said Sbiral. “These guys are real developers who have put real projects on the ground.”
According to a bio sheet provided by the village, Troutman and Dams was founded in 2008 by James Troutman and Eric Dams, who are both former partners at Bradford Real Estate.
The firm, according to the village’s information sheet, “has focused on the development of complex single-tenant projects since its formation and has developed multiple sites for McDonald’s in the greater Chicago area, Illinois and Wisconsin.”
Sbiral identified the two areas being considered for the developer-of-record designation as the 9500 block of Ogden Avenue, which includes the former Brookfield Moose site, which is owned by the village, and the vacant property at 9508 Ogden Ave., which is for sale.
The other location is the north side of the 8900 block of Ogden Avenue between Prairie and Vernon avenues), where all of the properties are for sale and all being marketed by one broker. The village owns an alley within that development area. Sbiral said Troutman and Dams is already working with the broker of the 8900 Ogden Avenue properties.
Sbiral said Troutman and Dams is looking to be the developer of those areas and is actively attempting to assemble properties in order to make those developments happen. The company has not bought any property in either area to date, said Sbiral.
“They are seeking to do land acquisition now,” Sbiral said. “In the end, they are seeking to be the developer.”
However, Sbiral said that the company has already reached out to end-user tenants and has received interest.
“These guys … got actual end users interested in these properties,” Sbiral said. “They’ve done a lot of footwork and they’re asking that we enter into an agreement so that they have some credibility.”
Sbiral said both he and the village’s community and economic development director, Nicholas Greifer, have been familiar with Troutman and Dams for years. The firm was one of the companies that attended Brookfield’s developer breakfast in 2013, Sbiral said.
Sbiral said the village would continue to field inquiries and development pitches for both locations even if the board OK’s making Troutman and Dams the developer of record.
Such an agreement would also not mean the firm would be able to dictate development on either site.
“We’re not giving them carte blanche with anything,” said Village President Kit Ketchmark, who pointed to the village’s continuing leverage in the 9500 block of Ogden Avenue. “We have a lot of say of what goes there, and we can use that as leverage to get what we want.”