The village is reviewing proposals from seven developers and thevillage board is expected to choose three finalists at its nextboard meeting on Nov. 19, Clements tells GlobeSt.com. Clementscould not disclose the developers but the finalists will bedisclosed once chosen.

The village acquired the 1125-1139 Lake St. and the 1145Westgate properties in May 2006 and has owned the 1121-1123 LakeSt. property for approximately six years, he says. A master planupdate in 2004 and a citizens' commission both recommended theredevelopment of the site. The redevelopment "will enlivenDowntown, if it is done right," Clements says.

The redevelopment plan must have a retail or commercialcomponent; a residential, office or hotel component; and at least100 public parking spots to replace the existing surface parkinglot, he says. Cost estimates for the seven project proposals werenot disclosed but, as to the cost of the redevelopment, Clementssays "I am sure it will be a large ticket." The three finalists forredeveloping the site will have to provide estimates for theirplans as well as prove to the village that they are capable ofdeveloping the project, Clements says. The developer is expected tobe chosen at the end of March with construction starting, at theearliest, in the late fall of 2008, he says.