V
illa Park's wait for a long-stalled apartment complex may finally be over. Developer Ganesan Visvabharthy's firm, Hawthorne World, received approval three years ago to build a 348-unit complex worth at least $120 million on vacant land next to Metra tracks. However, the project is now in danger of being seized by its lender, Miami-based Vaster, which sued in August seeking to foreclose on the $3 million mortgage.

    Court records show that contractors have filed over $400,000 in mechanic's liens for unpaid work on the property. Village officials are frustrated with the lack of progress and hope a new development effort will emerge from the dispute. "We aren't happy with the way things have been going," said Village Administrator Matt Harline.

    The issue began when Visvabharthy stopped paying interest on the $3 million loan last December, and hasn't made any principal payments since. The developer has struggled to secure financing for years, after initially securing a $100 million commitment from a bank that later withdrew its plans. Despite assurances from Visvabharthy that he would fix issues and move forward with the project, progress remains stalled.

    The project's delay is notable given suburban Chicago's strong multifamily market, where large apartment complex sales have outperformed those in the city's urban core. Another developer, Osso Capital, is moving ahead with a separate Villa Park project, which will consist of 238 apartments and is expected to finalize a development agreement with the village by year-end.