Park Forest sells major North Street property to nutritional product manufacturer
An office and industrial building vacant for nearly 10 years in Park Forest is under new ownership and back on the tax rolls.
The property located at 80 North Street in Park Forest’s industrial park had been owned by the village since 2010 after being acquired via judicial deed. Park Forest board members voted unanimously Monday to approve a real estate purchase agreement for the sale of the building to Jason Wan and Yang Chen for $500,000.
The deal was finalized Wednesday.
Following receipt of an occupancy permit for Phase 1 of redevelopment of the property, Park Forest will rebate $250,000 of the purchase price.
Wan and Chen, who were present at Park Forest’s board meeting on Oct. 9, were lauded by board members for their determination to finalize a deal after two years of talks.
The new owners plan to invest a total of 8.5 million dollars in the property over the next three years and an additional $5.5 million dollars in years four through 10. Read more.