The Niles Village Board has approved a $23.5 million Tax Increment Financing District, paving the way for a luxury residential development at the site of the former White Eagle Restaurant.
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Trustees voted 5-0 in favor of the TIF for NP Riverbank, LLC, a subsidiary of Noah Properties, at 6759-6839 N. Milwaukee Avenue, during a meeting Aug. 25. Construction is already underway for the $156.5 million project, approved by the board last September, which includes a 354-unit multi family development that includes 20 row homes, a 6,000-square-foot restaurant space, a plaza for outside seating, a 17,000-square-foot green open space, and an ancillary building for amenities and parking.
Niles Mayor George D. Alpogianis told Pioneer Press the TIF was already in place but had been in legal review until it was officially approved by the board last week. He also said it’s important for residents to know there is no out-of-pocket expense for the village and the developer is not receiving any up-front money from the village. Instead, the developer will pay for eligible TIF expenses out-of-pocket and has already paid $500,000 in permit fees.
According to the agreement, a TIF note is essentially an IOU: “The village will repay the developer, with interest, but only to the extent the project generates sufficient TIF incremental taxes.” The developer will be reimbursed for the out-of-pocket TIF eligible expenses from the available TIF increment generated by the project. The payments will continue until the TIF notes are fully repaid, or the TIF expires. The village has no obligation beyond the available TIF increment which is, in this case, self-generating. Alpogianis is confident The River Bank, built along the North Branch of the Chicago River, will be successful.
“There is a great calling for high-end luxury living units in our area, and the White Eagle seemed like the best opportunity for one of these developments in our area,” Alpogianis said. “We will try to preserve history – the White Eagle and the Silver Leaf Tavern [which opened on the property in 1903]. Portions of the stained glass windows with wooden arches from the Silver Leaf have been restored and will be rebuilt on the site as a historic monument in Niles. We’re also memorizing the Przybylo family and the White Eagle with historic placards.”
The Przybylo family owned the White Eagle for 60 years, which was a popular local restaurant and banquet hall visited by celebrities.
Alpogianis said he has been impressed with Noah Properties’ Novu Luxury Apartments at 6633 N. Milwaukee Ave., which includes an outdoor pool, workspaces, fitness center, and sky deck lounge, which are also planned for The River Bank. Rental pricing is expected to be similar to Novu, with one bedrooms starting at $2,495.
Construction of The River Bank is expected to be completed by December 2027.
Elizabeth Owens-Schiele is a freelance reporter for Pioneer Press.
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