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Council extends Venture 1 site-plan approval after heated exchange on land use
Summary
After questions from several alderpersons about repeated extensions and competing land uses, the council approved a restatement and 12‑month extension of site-plan approval for Venture 1 Acquisitions LLC. Developer Ryan Stoller said financing is secured and estimated an $80 million investment.
Council considered Resolution 20 26-84 to restate and extend site-plan approval for Venture 1 Acquisitions on a large, previously rezoned industrial tract. Multiple council members pressed the developer and staff about the history of approvals, the lack of on-the-ground progress, market volatility, and whether the city should allow the site to remain under the same approval while the 2040 comprehensive plan is drafted. Alderson Malachy and Alderson Kilberg voiced particular concern about repeated extensions and the opportunity cost of locking the parcel for industrial use.
Ryan Stoller, a principal with Venture 1, told the council the developer plans to proceed on the exact plan previously approved, that financing is secured, and that the project represents roughly an $80,000,000 investment. He said the developer expects to close and begin underground work if the extension is approved. After extended discussion, the council approved the resolution by roll call: 6 in favor, 2 opposed, and 2 members absent.
