Brookfield has agreed to buy its third property near Congress Park this year with the purchase of 9500 Ogden Ave. on the corner of DuBois Boulevard.
Libby Popovic, the village’s community development director, confirmed the purchase of the commercial property at will be Brookfield’s final acquisition in the Congress Park area.
Brookfield will pay $562,500 for the parcel from its Ogden Avenue tax increment financing (TIF) district fund. The village board formally approved the purchase April 28.
When an Illinois municipality like Brookfield creates a TIF district, the existing property value of the area is established as the base. As sites are improved or redeveloped and the combined value rises, taxes paid on land above that base value are set aside in a special fund that the village can use to make further improvements.
Brookfield established the Ogden Avenue TIF district in 2008.
Village President Michael Garvey said Brookfield had been trying to obtain the property, “a key part of the Congress Park developments,” for “years and years,” likely in reference to Brookfield’s comprehensive plan update in 2018.
“My understanding is that Brookfield did approach the previous owner to purchase it with some of my predecessors, and, either due to timing, other circumstances or the market, and then we had COVID hit, that didn’t work out,” Popovic told the Landmark. “As far as why it’s working out now, this is part of the whole comprehensive plan. … The timing was right, and the circumstances were right.”
In March, Brookfield bought two properties in the area: 9509 Burlington Ave. and 4011 Blanchan Ave. Those were purchased for $875,000 and $935,000, respectively, for a total of $1,810,000 out of the village’s Congress Park TIF fund.
The Ogden Avenue purchase brings the village’s total cost to acquire property in that area this year to $2,372,500.
Brookfield also bought the historic Theater Building on Grand Boulevard and a neighboring home, both of which it now plans to demolish, last year.
Popovic said the two properties purchased in March would likely be developed into one or two multi-family housing complexes.
“We’re planning on [the three parcels] being part of one big redevelopment,” she said. “[9500 Ogden Ave.] is zoned commercial, so it might not be mixed-use right there.”
The Ogden Avenue property may be developed by the same developer as the other two parcels, though it could fall to another developer as an addition to the project, she added. The existing parking lot at 4010 DuBois Blvd., which Brookfield owns, will be used for parking for the new developments.
Popovic said the village is talking to multiple developers for the project.
“[We’re] taking careful consideration of that whole site to really develop it prudently, smartly and in the best way that’s going to benefit Brookfield.”
