Niles Village Board trustees took up a $23.5 million tax increment financing agreement Tuesday, Aug. 25, that would commit public dollars to the largest residential development in village history on the former White Eagle banquet hall site.
The resolution, listed as Item 12.b on the board's agenda, would approve a TIF incentive for NP Riverbank LLC at 6759–6839 N. Milwaukee Ave. The vote outcome had not been publicly posted as of Wednesday, Aug. 26.
The stakes are significant. The agreement is the financial linchpin of the Riverbank, a $156 million project that will bring 354 apartments and townhomes across 10 buildings to the 7-acre site where the White Eagle Events and Convention Center stood for nearly six decades. Developer Noah Properties, led by president Bart Przyjemski, purchased the property in December 2025 for $5.7 million.
Mayor George Alpogianis, who has championed the project publicly, said during an Aug. 18 Chicago Sun-Times construction tour that the White Eagle "unfortunately had its day," framing the Riverbank as the village's next chapter. Trustees Susan DeBartolo, Ajay Mody, Craig Niedermaier, Dean Strzelecki and Maryann Warda were listed on the meeting agenda.
Why TIF money is involved
Przyjemski has said the site's soil conditions drive up costs far beyond a typical build. Prior excavation for the Deep Tunnel flood control project left unstable fill roughly 26 feet deep, forcing foundations to be anchored at that depth. In a December 2025 Chicago Sun-Times interview, Przyjemski called time the project's biggest threat, explaining the urgency of locking in TIF financing: "The only thing that kills this project is time."
The village created the New South Milwaukee Avenue TIF district specifically for these parcels, adopting three ordinances on April 28, 2026, to establish the district after the prior Milwaukee-Touhy TIF expired in 2020. No public source details how the $23.5 million would be disbursed or what milestones trigger payments.
School district agreement on the same agenda
A companion resolution (Item 12.c) would approve an intergovernmental agreement between Niles Elementary School District 71 and the village regarding the Riverbank development within the TIF area. Terms of that agreement have not been released publicly.
Construction already underway
Crews have been on site for roughly six months. By July, framing on six rows of townhomes was complete with windows installed and interior finishes underway, according to the Aug. 18 Sun-Times report. Niles Director of Community Development Chris Ragusto described the Milwaukee Avenue corridor as undergoing a transformation during that same tour.
The finished project will include studios, one-, two- and four-bedroom units in four mid-rise buildings of four to six stories and six three-story townhome rows, plus 6,000 square feet of retail and restaurant space, 17,000 square feet of public green space, a pool and a playground. Completion is targeted for December 2027.
How the project got here
Trustees unanimously approved a special use permit for the planned unit development on Sept. 23, 2025, attaching a record 16 conditions after residents at the adjacent Eagle Point Condominiums objected to height, density and traffic. The unit count was reduced from 398 to 354 in response.
The next regular Niles Village Board meeting is scheduled for Tuesday, Sept. 22.
