Roosevelt Road Hotel Properties

Update November 16, 2023

The Village of Glen Ellyn is continuing its plans to move forward with the development of the two former hotel properties located at 675-677 Roosevelt Road and 660 Taft Road.

The Village Board received seven offers from commercial, office, and residential developers, which have been narrowed down to four, and negotiations are taking place with potential developers. Given the current economic climate, these negotiations are more complicated than standard discussions.

The properties were originally purchased by the Village for $2.85 million in January 2022. Kon Savoy Consulting Group was selected to help identify a vision for the redevelopment of the site and to recruit potential developers. Working with Kon Savoy, the Village embarked on an extensive public input process including the establishment of an Ad Hoc Work Group and online social pinpoint tool. The Work Group held public listening sessions and provided recommendations in a design charette process that resulted in redevelopment concepts for the site. These concepts were presented to the Board in October 2022 and submittal requirements for potential developers were posted in November 2022. The Village’s real estate broker, CBRE, marketed the site to the development community.

Over the last few months, letters of intent were secured and negotiations have begun to facilitate a purchase and sale agreement (PSA) with potential developers.

“The Board is excited to get the property developed and back on the tax roll,” said Village Manager Mark Franz. “We will continue to keep the public informed as the project moves forward.”

Update January 31, 2023

The Village Board understands the requests of some individuals to see the names and offer amounts of the several developers which have responded to our Request for Proposals. It is incumbent on the Village Board to determine which, if any, offers on the properties meet the long-term development goals of the Village, and provide the best value and return on investment for the residents of Glen Ellyn. The Village and its elected officials have conducted and facilitated numerous public meetings seeking public input, the result of which indicates that there are multiple uses and configurations being proposed by the Village.

Our broker advises us that it is a common and best practice in real estate development that developers expect confidentiality both in their identity and specific offers. Confidentiality has been requested by more than one developer in response to our Request for Proposals. Disclosing information can weaken ongoing negotiations

The reality is that the Village is competing with other sites in other communities where the potential developers can choose to locate. Disclosing offers would give other competitive communities the ability to attract them away from Glen Ellyn, offering other sites or incentives. If a developer believes that the Village disclosed confidential information for which they have spent considerable time and money, they could choose to withdraw from the negotiation process altogether.  This could also damage the Village’s ability to attract developers for other projects.

At present, only interviews of potential developers have taken place.  No negotiations have begun with any developer and the Village expects the process to take 60 days or more before a decision comes to a vote by the Board in a public meeting. The Village will ensure that as the Village Board nears a decision, our residents will be fully informed of the time and place for that discussion.

Update December 13, 2022

At the current time the Village Board is considering 7 offers from commercial, office, and residential developers on various permutations involving the assembly of the seven property parcels which comprise the “Roosevelt Rd/Taft Site”. Records and documents relating to real estate sales negotiations are exempt from disclosure, until a sale is consummated, pursuant to 5 ILCS 140/7(1)(r), of the Freedom of Information Act. The Village will be evaluating these proposals over the next 60 days including scheduled meetings with the developers to fully understand their plans and offers. 

Update November 9, 2022

The Village has posted Purchase Offer Submittal Requirements for the Roosevelt Road/Taft Avenue Redevelopment site. Glen Ellyn is seeking a development team that offers the qualifications, experience, and commitment to implement a redevelopment plan that meets the community’s expectations.

Click here to view the Purchase Offer Submittal Requirements