News Flash Home
The original item was published from 12/6/2017 3:10:00 PM to 10/20/2018 12:00:04 AM.

News Flash

Village of Park Forest - Top Story News

Posted on: October 19, 2017

[ARCHIVED] Park Forest sells office, industrial building to ForeBio Nutrition Inc.

80NorthStreetPF

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.

When renovated, the building will employ 30 to 40 workers and will serve as headquarters for ForeBio Nutrition Inc., a nutritional supplement manufacturing company. ForeBio Nutrition Inc. aims to source U.S. locally produced, high-quality nutritional ingredients to formulate and manufacture nutritional supplements for youth which the company intends to sell internationally.

Plans for the property also call for the rehabilitation of the building’s office space to be leased to other business.

Park Forest officials say it was through a collaborative effort which included Park Forest staff members, Park Forest Mayor John Ostenburg, Illinois State Representative Anthony DeLuca, State Senator Toi Hutchinson, and local school districts that made a complex sale possible.

“It’s a difficult situation for someone to come into a piece of property that’s been abandoned for a long period of time and have every intention of bringing it up to a workable level, with costs that are involved that are 8.5 million dollars or more and yet have to bear an extreme burden in terms of the property taxes,” said Park Forest Mayor John Ostenburg. “So I think the consensus was that the relief on the property tax side would more than justify having that kind of an investment so that this property would once again be a viable property in our community.”

Prior to Park Forest’s acquisition of the property in 2010, property taxes had not consistently been paid on the vacant building since 2006.

Since becoming owners of 80 North Street, Park Forest nearly sold the building on two different occasions to different investor groups – one led by former Chicago Bear Richard Dent – however both deals were unsuccessful due to the inability of buyers to secure affordable financing.

Representatives for ForeBio Nutrition Inc. first approached Park Forest officials about the possibility of purchasing the property in 2015 after identifying it through a search on the website LoopNet. Since then, the two sides have remained in communication to obtain estimates to stabilize and renovate the property and to facilitate a reliable and predicable reduction in the real estate property taxes.

“I’m very thankful that Mr. Wan stuck it through,” said Park Forest Assistant Director of Economic Development Sandra Zoellner who led Park Forest’s efforts in the sale.

“When those 30 to 40 new employees start working in Park Forest in the research and development and when the small box trucks start going up and down North Street and down Western, that will be something to celebrate.”

Facebook Twitter Email

Other News in Village of Park Forest - Top Story News

GSU Job Fair Pic nf size

Village hosts Job Fair on May 27

Posted on: May 23, 2023
Village Hall

April 4, 2023 election results

Posted on: April 4, 2023
Electric Aggregation

Illinois Solar for All program rolls out

Posted on: February 8, 2023
PFNPC

Candidate forums begin Jan. 29

Posted on: January 20, 2023
Sustainability NF Size

Join the Environment Commission

Posted on: December 19, 2022
lights NF size

Holiday Light & Tree Recyling

Posted on: November 12, 2022
Yard waste NF size

Last day for yard waste pick-up, Nov. 30

Posted on: November 10, 2022
Street Sweeping image NF size

Final street sweeping Monday, Nov. 14

Posted on: November 8, 2022
nicor gas news flash image

Nicor natural gas meter relocation program

Posted on: September 27, 2022
Village Hall

Early voting hours and locations

Posted on: October 12, 2022
BC Awarness image news flash size

Breast Cancer Awareness Month

Posted on: October 4, 2022
Halloween in Park Forest 2020

Safe Halloween, Oct. 29

Posted on: October 12, 2022
blood drive Oct 2022 flyer news flash size

Blood drive, Oct. 20

Posted on: September 30, 2022
Engine 56 and A shift members news flash size

Fire Prevention Week, Oct. 9-15

Posted on: October 6, 2022
Child Composting News flash size

Compost food waste with Urban Canopy

Posted on: September 15, 2022
Farmers Market

Main Street Market continues

Posted on: August 12, 2022
Police logo New flash size

Kia and Hyundai thefts

Posted on: September 9, 2022
Hydrant Flushing

Hydrant flushing, Sept. 6 - 23

Posted on: September 3, 2022
VillageWideSale19

Village-wide Garage Sale, Sept. 24 - 25

Posted on: August 24, 2022
Solar at the Water plant News flash size

Solar project unveiling, Sept. 19

Posted on: September 7, 2022
September 2022 Business Breakfast Flyer PNG

Quarterly Business Breakfast, Sept. 15

Posted on: August 16, 2022
senior-resource-book-launching21024_1

Senior resource book launching, Sept. 1

Posted on: August 30, 2022
Paint n Sip sm news flash size

Main Street Fest, Paint n' Sip, Aug. 20

Posted on: August 10, 2022
Electric Aggregation

Grow Solar Power Hour event, Aug. 17

Posted on: August 8, 2022
Youth Day  2016 news flash size

Unity Day canceled

Posted on: August 2, 2022
2022 RecycleFest Flyer

Volunteers Needed for RecycleFest!

Posted on: June 6, 2022
Halloween in Park Forest 2020

Park Forest celebrates Halloween

Posted on: October 21, 2021
Fizer

Park Forest remembers Edwin J. Fizer

Posted on: October 28, 2020
Village Hall

Will County early voting locations

Posted on: October 7, 2020
Village Hall

Curfew ends in Park Forest

Posted on: June 2, 2020
street sweeping

Street sweeping begins Nov. 18

Posted on: November 15, 2019
Campbell

Park Forest remembers Steve Campbell

Posted on: November 13, 2019
HBrownPF

Park Forest remembers Harold Brown

Posted on: November 5, 2019
Resident Appreciation Month

November is Resident Appreciation Month

Posted on: November 1, 2019
McCray

Park Forest remembers Robert McCray

Posted on: September 17, 2019
Village Hall

April 2, 2019 election results

Posted on: April 2, 2019