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Long-delayed Lake & Lathrop project gets one more year

Like the proverbial cat with nine lives, the Lake and Lathrop condominium project in River Forest survived a vote by the River Forest Village Board Aug. 28 that could have resulted in the plug on the long-delayed project being pulled.Board members voted 4-2 to grant the developer, Sedgwick Properties, yet another in a string of building permit extensions. However, whereas the extension runs through Aug. 30, 2024, it comes with a series of conditions that must be met by Sept. 15. Trustees Erika Bachner and Katie Brennan voted against granting the extension.The project has been on life support since April when Beverly Bank and Trust, which is financing the development, filed suit against Sedgwick Properties. Through the lawsuit, filed in Cook County court, the Wintrust-affiliated bank is looking to claw back $4.2 million from the $20 million line of credit it issued in 2022. In the lawsuit, the lender has reportedly cited several provisions in its loan agreement with Sedgwick affiliates ....

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A year like no other, like everywhere else

River Forest, like the rest of the world, was hit hard by COVID-19 in 2020. ....

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