GLEN ELLYN – The Glen Ellyn Village Board on July 8 approved the planned unit development plan for the Avere on Duane development located on the south side of Duane Street between Melrose and Prospect avenues, across the street from the Glen Ellyn Public Library.
The $20 million development includes a 48-unit luxury apartment building with an underground parking garage and additional surface parking. The transit-oriented development will offer one bedroom, one bedroom with a den, two bedroom and two bedroom with a den apartments that range in size from about 868 square feet to 1,615 square feet.
The building will be professionally managed and provides amenities such as bicycle storage, pet wash/grooming area and smart home technology.
During the meeting, trustees granted approval of the following:
• An ordinance approving a redevelopment agreement between the village and Reva Development Acquisitions, which included a financial incentive ranging from $1.6 million to $3.1 million depending on taxes generated from the project.
• A special-use permit for a preliminary and final planned unit development with deviations from the zoning code, a special-use permit, a zoning map amendment, a sign variation and approval of the exterior appearance.
The village board agreed to a performance-based tax incentive agreement to make the project viable. The reimbursement will occur only if the project is completed and if the development generates an increase in property taxes for the TIF district. The development is projected to generate $400,000 a year in taxes in comparison with the $40,000 being generated today.
“We are thrilled that the development community continues to invest in Glen Ellyn,” Village President Diane McGinley said. “This development meets the comprehensive plan and downtown goals, along with creating more housing diversity, particularly age-in-place housing. In addition, it provides a $20 million investment in the community that will generate TIF funds short-term and benefit all taxing bodies long-term.”
Demolition is expected to begin by late July or early August, with construction commencing soon thereafter.