The Village is considering a development proposal from Five Thirty-One Partners for the Village-owned vacant parcel at Madison Street and Ashland Avenue. This proposal is preliminary and subject to change as the Village and developer discuss project details, gather public input, and the project moves through the formal Planned Development Process.
This page provides information about opportunities to share input, the development proposal, the proposal process to date, and the expected process moving forward.
Read the January 14, 2026 Special Message from the Village Board.
The Development Proposal
To guide this process, the Village Board and Staff partnered with the respected real estate brokerage firm JLL Inc. and global tax services and economic development consultant Ryan, LLC. Between April and November 2025, the Village marketed the Madison Street site, solicited and reviewed proposals, met with developers, and narrowed the field to two finalists. After thoughtful consideration, the Village Board determined that Five Thirty-One Partners’ proposal represents the best option moving forward. (See Development Proposal Timeline and the FAQ for more information.)
Five Thirty-One Partners is proposing a five-story, mixed-use building with high-end apartments and first-floor retail space. Current plans call for 72 units and 87 parking spaces.
Follow the links below for more information on the development proposal:
The proposal is not final. Resident input is important to the Village Board and Staff as they conduct negotiations with the developer, and as the project goes through the formal Planned Development Process, which includes several public meetings and hearings before a Village Board vote.
Frequently Asked Questions
The Village has compiled an FAQ to address questions about development at the Madison Street site. We will continue to update the FAQ as the process moves forward and as we receive additional questions and comments from residents.
Read the FAQ
How to Share Your Input
The Village welcomes feedback from residents across River Forest, and particularly those who live near the parcel at 7620 Madison Street. Your input will be helpful as the Village conducts negotiations.
Resident Feedback Form
Residents can use the link below to submit comments and questions directly to the Village via an online form.
Feedback Form: Madison Street Development Proposals
If you’d prefer to complete the form by hand, you can click here to download a PDF version to print and deliver to Village Hall. Hard copy feedback forms will also be available at the River Forest Public Library.
Open Houses
The Village is holding Open Houses in January for residents to learn more about the proposed development and provide feedback. Site maps, diagrams, architectural drawings and other visual resources will be available for residents to review. Village officials and representatives from Five Thirty-One Partners will be available to answer questions, and feedback received by Village staff will be provided to the Village Board and Development Review Board for consideration.
Residents are invited to attend Open Houses at the following dates and locations:
Development Proposal Timeline
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February 2025
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Village Board retains JLL, Inc. a top real estate broker, to manage the marketing and proposal process.
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April – May 2025
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JLL markets the Madison property to developers. More than 50 developers review the opportunity.
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June 2025
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Based on this level of interest, JLL issues a “call for offers,” requesting that interested developers submit an official “letter of interest” with information about their proposed concept for the property.
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June – July 2025
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Seven developers submit letters of interest. JLL and Village Staff meet with five to ask questions and share information about Village goals and residents’ input about development at the Madison & Ashland site.
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August 25, 2025
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Village Staff share findings and recommendations with Village Board. Two finalist candidates are selected. Reasons for removing other candidates from consideration included uncertainty of a funding source, need to purchase adjacent property, size of project, and lacking or incomplete information.
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October 27, 2025
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Ryan, LLC, a global tax services and economic development consultant, deliver a report to the Village Board evaluating the viability of the two finalist development proposals.
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November 2025
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Trustees tour previously developed sites with finalist firms, consider the two proposals, and select Five Thirty-One Partners’ proposal to move forward.
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January 22 and 24, 2026
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The Village hosts Open Houses for residents to learn more about the proposal and provide feedback in person.
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January 26, 2026
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Project presentation at open Village Board meeting, commencing the Planned Development Process, which includes public meetings and hearings before a Village Board vote. The Planned Development Process is expected to take about five months, during which time the proposal will be subject to sensible modifications.
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This timeline will continue to be updated as more information becomes available.