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Old January 10th, 2005, 04:46 PM   #1
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Westside and Near West Suburban Development News

Well there's already a northside and southside development thread! It would be unwise to not include the west side, but this time I also will include the suburbs directly west of the city limits.

Condo Project Slated Near City Limits
By Mark Ruda
Last updated: January 9, 2005 07:59am

CHICAGO-With some condominium buyers being priced out of neighboring Oak Park, GenOne Group thinks it will have a hot property in its 27-unit Corcoran Condos, spread over three sites in the 5800 and 5900 blocks of W. Corcoran Avenue. The properties are on the first two blocks east of Austin Avenue, the city limit.

“This represents one of the first new condominium developments in Austin,” says Marty McCarthy, project manager for GenOne Group, which will pay the city $370,000 for lots at 5843, 5907-09 and 5937-45 W. Corcoran Ave. The land sale, at fair market value, was recently endorsed by the community development commission.

“I’m very pleased to have a developer willing to risk its own money on a project of this sort,” says 29th Ward Alderman Isaac Carothers. GenOne Group, a partnership that includes Brad Anthony and David Doig, is seeking no financial assistance from the city for its $4.2-million project.

GenOne Group will build four six-unit buildings on each of the two larger lots and a three-unit building on the lot furthest east. The two- and three-bedroom units will be priced from $200,000 to $230,000, average 1,350 sf and include one parking space.

Condos have sold very well in Oak Park, Doig notes, where price appreciation of 88% over the last five years makes it one of the hottest areas in the Chicago market. “A lot of people are being priced out,” he adds.

GenOne Group, which aims to do residential and redevelopment projects in “up-and-coming” areas, hopes to begin construction this spring.
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Old January 10th, 2005, 10:16 PM   #2
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Awesome! Austin definatly has been getting better and better, and this is definatly a sign to anyone who doubts that fact. It still has a long way to go, but its such a great neighborhood with such great location, this is gonna be one hell of a hot market in 5 or 10 years.

I hope those are vacant lots... i dont want them tearing anything down, since the housing stock in that hood is fantastic.
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Old January 16th, 2005, 03:16 PM   #3
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Metra station anchors plans for Round Lake's downtown renewal
By Jason King Daily Herald Staff Writer
Posted Sunday, January 16, 2005
Downtown Round Lake would see a dramatic facelift and have a mix of higher-density housing, retail space and open spaces, according to a draft development plan unveiled Saturday.

The core area of downtown would be expanded to the west, and the focus would shift from north-south running Cedar Lake Road, to east-west running Avilon Avenue. Avilon would feature a historic-looking downtown with storefronts butting up to the sidewalks, driving more pedestrian use but still providing on-street parking.

The downtown would use the existing Metra station, or a possible newer station in the future, to drive high-density housing in adjacent areas. That would allow residents to walk not only to the downtown shops, but also to the Metra station to commute to and from work.

The village's land planner, John Houseal, said the Metra station is an invaluable resource in terms of the downtown plan.

"Round Lake has a Metra station, and for a downtown, that's a real gem," Houseal said, during a presentation to village residents. "There's a desire to have residential there with a slightly higher density. If you want to have a viable pedestrian-oriented downtown, you've got to have the density to drive it."

The plan is the result of months of planning, meetings with residents and input from downtown business owners, and it will drive future efforts in developing the downtown area.

It covers the traditional downtown area and six other sub-areas that extend out along Route 134 to the east and west, Cedar Lake Road to the north out to the village boundary and a small portion of Washington to the east.

The core area would include a new, extended Cedar Lake Road, west of Goodnow, that would be anchored at its intersection with Route 134 by a civic center, possibly with an outdoor amphitheater, or other public open space use.

To the west of that road, Avilon would be extended slightly, and a new circular road would be built on vacant land that is targeted for townhouses or rowhouses, high-density housing within walking distance to the downtown retail area and the Metra station.

Behind the Metra station to the north, a large triangular parcel also is targeted for higher-density housing. And north of that, where Magee Middle School now sits unused, Houseal envisions a senior housing facility, if the Round Lake school district vacated the building and sold it.

Houseal noted, however, that the plan was simply a plan, and should not be construed as the village's intent to run current owners out of the area the plan covers.

"This plan, although recommending some land uses that are currently there, we're not saying the village is going to buy those homes and force those people to leave," he said. "The plan doesn't do that. Current single-family homes can stay, because this plan can be implemented over time."

The village plans to host public hearings on the plan, gathering input from residents and business owners, before the village board considers it for final approval.

Round Lake: Core area would include new Cedar Lake Road
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^It seems as if all the "good" urban and transit-oriented development is occurring in the north and northwest side suburbs. I wish we would hear more about this stuff in the southern burbs. Tinley Park is the only example that comes to mind
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Old January 16th, 2005, 04:38 PM   #4
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Another one:

Study describes train station plans

Patricia Trebe
Published January 16, 2005

NEW LENOX -- The Plan Commission has heard the results of a yearlong study on land surrounding a proposed new Metra station near Laraway and Cedar Roads.

The station would sit on 236 acres owned by Silver Cross Hospital.

The village recently sealed an annexation agreement with the hospital and has received confirmation that Silver Cross doesn't plan to develop the land.

"Basically this study looks at opportunities at the Laraway Cedar intersection," said Village Planner Jeff Smith.

The village paid for the study with a grant from the Regional Transportation Authority.

After the study, completed by HNTB Corp., a Chicago consulting firm, the land will be designated for mixed use, including town homes, commercial and some single-family.

"This is a transit-oriented development and density would be higher but with compatible mixed uses," Smith said.

The village has learned that Metra will have at least a warming shelter constructed by December, Smith said.

The study will go before the Village Board on Jan. 25.
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Old January 16th, 2005, 04:39 PM   #5
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Last one:

Oak Park project reduced to 14-story job

By Maria Kantzavelos
Special to the Tribune
Published January 16, 2005

A developer that scrapped its initial plans for a 17-story residential-retail project after protests from Oak Park residents came back to the Village Board with revised plans.

The developer, Whiteco Residential, hopes to build a mix of apartments, retail space and town homes on a village-owned, downtown site. Kicking off a fresh round of public hearings on the project, Whiteco presented its case this month before the Plan Commission.

Proposed for the site, which is a parking lot on the southeast corner of Harlem Avenue and Ontario Street, are 200 apartments mostly housed in a 14-story building, approximately 14,000 square feet of ground-floor commercial space anchored by a Trader Joe's specialty grocery and six town homes along Ontario. An expansion of an existing parking garage also is proposed.

Whiteco's plans for the site, which is in a tax increment financing district, have undergone several revisions since the Merrillville, Ind.-based developer first presented its proposal to the commission in 2003. Whiteco eventually scrapped the proposal after a series of contentious public hearings.

Neighbors in the nearby Frank Lloyd Wright Historic District and Holley Court Terrace senior housing argued that the project, then 17 stories, would be too dense, create an unsightly gateway to the neighborhood, block their views and worsen traffic conditions.

After changing the proposal and hosting a series of neighborhood meetings last summer, Whiteco returned Jan. 6 to the Plan Commission seeking variances from the village zoning ordinance that would allow the scaled-back project to proceed.

"A lot of what you see today is a result of those meetings, great insights from the residents and the rest of our team," said Timothy Connelly, president of Whiteco Residential.

Developers contend they have an innovative site plan and design that reduces the project's height and mass, alleviates the impact on traffic and lessens the impact on neighboring views. They came to the meeting with a model and results of traffic and parking studies.

He said the project also addresses a need for more housing choices in Oak Park by drawing renters to the area.

Residents can offer testimony on the project at a hearing set for Jan. 22.
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Old January 17th, 2005, 11:59 PM   #6
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A nice description of what Roosevelt Square's Phase I will entail

Roosevelt Square opens doors for variety of buyers





(1/7/05) - After years of planning and close collaboration with the Chicago Housing Authority (CHA) and community stakeholders, construction of the first buildings in Phase I of Roosevelt Square is underway. Since last summer, bulldozers have been excavating the land where the CHA’s ABLA Homes once stood, and work crews have been laying pipes and infrastructure. The new community will bring a variety of attractive housing options to the area, with nearly 30 different floor plans in Phase I alone.
For families and individuals seeking the energy of urban life in high-quality houses set in beautiful surroundings, Roosevelt Square offers seasonal landscaping and decorative flowerbeds, tree-lined streets, and no fewer than three parks within its 135 acres. The entire development, consisting of six phases, should be finished by 2015. Officials from master developer LR Development Company and its partners Quest Development and Heartland Alliance predict Phase I will be completed in 18–24 months.
Dedicated to revitalizing and transforming the community, the developers have conceived Roose-velt Square, part of the CHA’s pioneering $1.6 billion Plan for Transformation, with its own style while preserving traditional characteristics of authentic Chicago architecture and neighborhoods.
The buildings are designed to fit a broad spectrum of lifestyles and household budgets. Phase I will feature condominiums in three- and six-unit walk-ups and elevator buildings; rental and mixed-use buildings, some with retail on the ground floor; and three- and four-story townhouses. Many will include outdoor living spaces with open balconies, brick porches, and terraces. Red, gray, and brown bricks will lend color and texture to the new buildings, which will feature flat roofs, classic ornamentation, and decorative iron fencing on many of the lots.
Every unit will feature either a private backyard, garden courtyard, or outdoor deck or balcony. Excellent street lighting throughout the neighborhood, including newly repaved streets to fill out the City’s original grid, will add visual unity and security to the community.
Since opening on November 19, the Roosevelt Square Sales Center has seen a steady and high volume of interested purchasers, so much so that some housing options are already fully reserved. Phase I will include 159 market-rate houses, consisting of all of the 38 townhouses and 121 of the condominiums. Market-rate condominiums are priced from the $230,000s for one-bedrooms, from the $240,000s for two bedrooms, and from the $360,000s for three bedrooms. Market-rate townhouses will be priced from the $430,000s for two bedrooms and from the $500,000s for three bedrooms.
The first phase of Roosevelt Square will add to Chicago’s pool of affordable housing by creating a total of 74 homes for qualifying households. Sixty-seven of Phase I’s affordable for-sale houses range in price from $141,000 to $284,467. The remaining seven will be available for purchase by qualified CHA families who will become new homeowners.
That, however, is not all that sets Roosevelt Square apart from other similar new communities going up around Chicago to replace the former CHA housing. Roosevelt Square is the only one rising in an already thriving commercial and residential community—the Taylor Street/Near West Side area—where people who come to live in Roosevelt Square will be able to take advantage of its bakeries, coffee houses, and restaurants. Residents also will be moments away from the exciting art, restaurant, and shopping scene centered around west 18th Street in the Pilsen community.
Following is a description of the condominiums and townhouses for sale and the buildings that will bring the 13 acres of Roosevelt Square’s Phase I to life.
The Franklin and the Delano: These 45- and 27-unit apartment buildings will be located on Roosevelt Road between Racine and Blue Island Avenues. Consisting of one-, two-, and three-bedroom units, these four- and five-story buildings feature elevators and heated indoor parking.
The DuSable, the Monroe, the Burnham, and the Jackson: These two- and three-bedroom, 21/2- bath townhouses will be built on Arthington Street, Grenshaw Street, and Washburne Avenue. Four models ranging from 1,800 to 2,900 square feet incorporate garage parking, private balconies, and rooftop decks.
The Goodman, the Shubert, the Riviera, the Lincoln, and the Grant: With names honoring Chicago’s historic theaters and public parks, these condominium buildings reflect the best of Chicago’s traditional brick architecture. They will be built on Taylor, Lytle, Washburne and 13th Streets and on Blue Island Avenue. Each two- and three-bedroom, one- or two-bath unit in these buildings includes a designated garage space.
The Eleanor: Located on the north side of Taylor Street, this building will feature three residential condominium apartments—two with two bedrooms and two baths, and one with three bedrooms and 21/2 baths—above ground-level retail space. Mixed-use buildings like this one are planned for Taylor Street and Ashland Avenue to help rebuild and reinforce the existing neighborhood streetscape.
New playground space designed specifically for families with young children will dot the entire development. People who live in Roosevelt Square will be within walking distance of the Duncan YMCA and the green spaces of Arrigo Park, Sheridan Park, and the newly expanded Fosco Park. Set to open in early 2005, Fosco Park features a 57,000-square-foot community center offering a variety of classes and enrichment programs and featuring a fully equipped gymnasium, day-care center, indoor swimming pool, and outdoor water park.
The development team is driven by the vision for a solid community that is further enhanced by caring neighbors and people who continue to strengthen and build upon its foundation.
Established in 1988, LR Development Company is a progressive, customer-oriented company whose employees are dedicated to building a legacy of landmarks. Roosevelt Square combines LR’s qualifications with the expertise of Quest Development Group, known for delivering houses with the kind of high quality and value that help transform communities.
For more information, call LR Development Co.’s Roosevelt Square office at (312) 836-1200 or visit www.rooseveltsquare.com.
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Old January 21st, 2005, 04:52 PM   #7
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From the Chicago Sun-Times

City, developer to share profits in W. Side accord

January 21, 2005

BY DAVID ROEDER AND FRAN SPIELMAN Staff Reporters



City officials have struck an unusual bargain with developers by agreeing to provide land for new homes on the Near West Side in exchange for a share of the sales proceeds.

The agreement with New West Realty owners Ted Mazola and Gus Mauro in effect makes City Hall a financial partner in an initiative to bring new housing stock to a onetime depressed neighborhood.

John Markowski, Mayor Daley's housing commissioner, said the program benefits both the city and developers and will be adapted for use in other neighborhoods. Officials project that the 43 vacant lots provided to New West's venture could produce aggregate sales revenue to the city of at least $4.17 million.

The amount could be greater, depending on sales prices. All the properties are city-owned and fall within an area bounded by Maplewood, Damen, Warren and Flournoy that is just west of the United Center.

Markowski emphasized that the project carries little risk to taxpayers because the city is laying out no cash. New West is securing private financing for construction and will bear all those costs.

Mazola said his agreement calls for the city to be paid once all home sales close on a particular parcel. His company has agreed to build 110 homes on the 43 lots, mostly as three-flats or two-flats.

The program differs from other housing efforts involving city-owned land, which typically call for the city to be paid upfront through bond proceeds. In other instances, the city will donate land to developers that put up affordable housing.

Mazola, a former alderman, said he suggested the new arrangement because developers typically face red tape when the city issues bonds. "It's much more easy for me to get my own financing," he said. "I'm willing to share the profits down the line."

Ground was broken Wednesday at 2112 W. Madison for the first building to be constructed under the program. Some of the parcels require zoning changes from classifications that require retail space on the ground floor. What's planned is exclusively residential.

The agreement takes advantage of acute demand for housing on the Near West Side, with development activity pressing westward beyond the United Center and Western Avenue. The property involved is among some 10,000 city-owned lots, often acquired through foreclosure to satisfy the city's demolition costs. The city also gains title to properties with delinquent property taxes.

"Let's get these properties back on the tax rolls," said Peter Skosey, vice president at the Metropolitan Planning Council. He praised the new program as an example of "good creative thinking."

For what's been dubbed the West Village Homes project, 22 of the units will be designated as affordable units for middle-income families. Those prices currently start at $190,000.

The rest will be sold for what the market bears. New West said pre-construction prices start at $238,900 for condominiums and $332,900 for each of the five planned single-family homes.

Markowski said the city will use the venture as a model and already plans a similar arrangement with developer Brenda Vance for a 44-home development near 68th and Dorchester in South Shore.

His department calls the idea HomeStart II. The developers are chosen from responses to city requests for proposals for the land.

Developers interested in particular city-owned sites can notify Brian O'Donnell, the Housing Department's development officer, by calling (312) 742-0632.
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Old January 21st, 2005, 08:33 PM   #8
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BAM!

More development
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Old January 23rd, 2005, 05:39 AM   #9
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Schaumburg's New Convention Center and Hotel Will Put Village in the Spotlight; $225 Million Project Kicked off in July

Business Editors/Travel Writers

MIAMI--(BUSINESS WIRE)--Jan. 12, 2005--Construction is well underway on the new Renaissance Schaumburg Hotel & Convention Center, a mixed-use project that includes a convention center with 100,000 sq. ft. of exhibition space and a 500-room Renaissance Hotel.
Slated for completion in 2006, the Schaumburg Convention Center and Renaissance Hotel will put the Village of Schaumburg on the map for many meeting planners. The convention center will be large enough to host groups of up to 4000 people and will be managed by Renaissance Hotels & Resorts, offering the same savvy service, distinctive design elements and high quality food and beverage for which the brand is known.
In 2000, the Village of Schaumburg purchased 45 acres of land in the northeast corner of Interstate 90 and commissioned a feasibility study to propel the project forward. The study determined that the hotel and convention center would generate $6.4 billion in economic activity over 30 years, including $387 million in tax revenues for state and local government. It will employ 1,600 at the peak of construction and once the project is open for business, 400 jobs will be created with annual wages of $15 million. In addition, a 2003 feasibility study predicted that the convention center would draw 380,000 attendees and over 70,000 hotel stays to Schaumburg each year.
"Schaumburg's time has come. Finally we have the opportunity to be a venue for larger groups and conventions, something the area's existing hotels just didn't have the capacity or facilities to handle," comments Randy Griffin, Director of Marketing for the Renaissance Schaumburg Hotel & Convention Center.
The Convention Center will offer a full array of services to ensure successful meetings and conventions. By installing state-of-the art technology, attendees will have the tools to communicate their message clearly while still managing business back home. Services offered at the convention center range from comprehensive audio/visual capabilities to wireless Internet access to webcasting.
Located just 26 miles northwest of downtown Chicago, the Village of Schaumburg has emerged as the pre-eminent community in the Chicago area's thriving suburbs. It has grown from a small farming town of 130 residents to a bustling community of more than 75,000. The Convention Center/Hotel is a core component of Schaumburg's master plan to create a community where people live, work and enjoy a quality of life that is not available in larger cities.
The Renaissance Hotels & Resorts brand is designed for quality-tier travelers who prize individuality and prefer distinctive hotels that enhance their enjoyment of travel. Guests can expect sophisticated design, professional and welcoming service, and Street Restaurants serving creative food with traditional flavors. Each hotel is designed with a sense of place that reflects their surroundings.
Renaissance Hotels & Resorts is an upscale brand providing full-service accommodations with local flair to discriminating business and leisure travelers at over 130 properties in 28 countries. The brand's presence is strong in the U.S. and worldwide, with more than 70 properties in North America and more than 60 properties throughout Europe, South America, the Caribbean, the Middle East and Asia.
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Old January 23rd, 2005, 04:18 PM   #10
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CITY REPORT
Affordable flats, commercial space to rise

Humboldt Park project is slated for Division

By Jeanette Almada
Special to the Tribune
Published January 23, 2005

The city will provide more than $4.3 million in assistance to a non-profit developer who will build a $17 million mixed-use project in the Humboldt Park neighborhood.

Chicago-based developer Bickerdike Redevelopment Corp. will build the project, called La Estancia, on 11 lots along Division, between California and Spaulding Avenues.

Bickerdike already owns two of the lots, 2749 and 2753 W. Division, and is acquiring 3254 W. Division from a private owner.

The city will sell the other eight vacant, standard-sized lots to Bickerdike in two parcels: five lots at 3220-32 W. Division, and three at 3244-50 W. Division.

The city lots are appraised at $2.8 million, but Bickerdike will pay the city $1 per lot, according to Colleen Stone of the Chicago Department of Planning and Development, who won approval from the Community Development Commission last month to sell the land. City Council must approve the land sale. The sale will be presented to City Council for final approval by April, said Pete Scales, spokesman for the Planning Department.

Most of those city-owned lots are west of the local commercial district that is marked by two giant metal Puerto Rican flags, at Western Avenue on the east California on the west.

The project will provide affordable housing, which is increasingly scarce in the neighborhood, and affordable retail space, according to Ald. Billy Ocasio (26th), who spoke to commissioners. Neighborhood residents and leaders have been planning the project since 1999.

"This project goes back a long ways," Ocasio told commissioners, adding that the city spent $2 million acquiring the land from a private owner, who had held the vacant property for years. The city intervened, using its power of eminent domain.

"That owner had no plans to develop anything there, had purchased them a long time ago, some even for $1, and had been sitting on them . . . . What it has done for all those years is to create a very big eyesore along Division Street," Ocasio told commissioners.

La Estancia will consist of three four-story buildings with a total of 57 affordable apartments and 12,585 square feet of commercial space, Planning Department officials told commissioners.

The one- to four-bedroom apartments will have 618 to 1,400 square feet of space with rents projected to range from $455 to $605 a month, according to Michael Burton, development supervisor at Bickerdike.

"The median income in the neighborhood is $28,350 for a family of four, according to the 2000 census, and we geared the rent structure to be affordable for current area residents," Burton said an in interview last week. "With more expensive developments occurring in the neighborhood, this project will allow some current area residents to remain in the community."

Bickerdike has agreed to keep the commercial and residential space affordable "in perpetuity," according Luis Monterrubio, a Planning Department project manager.

The project's commercial space is a vital part of the neighborhood's long-term planning effort, Ocasio told commissioners. The lots at California and Division that Bickerdike now owns had at one point been slated for market-rate residential development, Ocasio said.

After the city acquired the lots, a new owner proposed to build 30 market-rate condominiums on the site. "We are trying to allow people the opportunity to stay in their community, which has become very hot, where developers are trying to do everything they can to come into the area. We allow developers to come in, but we try to negotiate with them," Ocasio said.

"We attempted to negotiate with the developer, who wanted to build the high-priced condos in an area that is struggling to stay alive, but he would not come down," Ocasio told commissioners. "Then he decided to [build] a mini-mall, where prices would start at $36 per square foot," Ocasio told commissioners.

"The project will provide something that is very hard to find these days . . . affordable commercial space," said Enrique Salgado, a resident and president of the Division Street Business Development Association, a community-based business group. "Small businesses are paying $8 to $12 a square foot for commercial space along Division Street" [between Western and California]. But east of Western Avenue, you are talking about $22 to $36 and even more [per square foot for commercial rents]," Salgado told commissioners.

Bickerdike is negotiating an agreement with the business association to manage the properties, according to Burton.

The Chicago Department of Housing will issue low-income housing tax credits to help pay for construction of the rental units, Monterrubio told commissioners.

In addition to approving the land sale to Bickerdike, the December Community Development Commission approved $1.5 million in tax increment financing (TIF) assistance for the project. "That subsidy will assist the extraordinary cost of developing the project on two sites," Stone told commissioners, adding that the land discount and the TIF assistance amount to 19 percent of total project costs.

The project is being designed by Chicago-based Lisec Biederman.

Construction will begin by late fall, Burton said.

Bickerdike will market the units through community group and neighborhood block clubs. "We will maintain a waiting list of names that we get from local groups, until we have about 500 names. At that point we will go through the screening," Burton said.

Copyright © 2005, Chicago Tribune
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Old January 23rd, 2005, 04:20 PM   #11
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CITY REPORT
$25 million in housing set for Near West Side

By Jeanette Almada

Special to the Tribune
Published January 23, 2005

Construction began last week on a $25 million housing development in the West Haven and Tri-Taylor neighborhoods on the Near West Side.

Up to 110 units will go up on city-owned lots scattered between Warren Boulevard and Flournoy Street, and Rockwell Street and Damen Avenue.

The project, called West Village Homes, will consist of houses, two-flats and three-flats, according to Ted Mazola, president of Chicago-based New West Realty.

The developer has city approval to build up to 110 units on the scattered lots, but the actual number will depend to some extent on the market, Mazola said.

"Each buyer can select a single-family home, a condo in one of the two-flats or three-flats, or they may want to buy one of the multi-unit buildings," Mazola said.

New West Realty is building the project in partnership with the Chicago Department of Housing, which is advancing a new version of its HomeStart program, called HomeStart II. In that program, the city shares the role of developer with its partners.

"It is a program through which we are able to stimulate development, particularly affordable housing development; get paid the market-rate value of our vacant lots; cross-subsidize the cost of affordable units [by applying proceeds from sale of market-rate units in the project as subsidy for affordable units in the same project]; and if there are any returns beyond the [projected earnings] the city and the developer split those proceeds," Housing Commissioner Jack Markowski said in an interview last week.

"Rather than selling the city's vacant lots for $1 as we do in programs such as New Homes for Chicago [which the department tends to apply in redeveloping neighborhoods where market-rate housing is yet to thrive], we use the land as collateral [against the construction mortgage], and developers secure their own financing" Markowski said of the HomeStart II partnerships.

In the original HomeStart program, the city secured financing for projects in city-developer partnerships, a cumbersome process that required use of public bonds, Markowski said.

Twenty-two units in West Village Homes will be sold affordably to families earning up to the median Chicago-area income, or $75,400 for a family of four. They will be priced from $180,000 to $190,000, according to Markowski.

New West began construction Jan. 18 of a two-story building at 2112 W. Madison St. that will have a sales office at ground level and a model on the second floor.

Unless buyers want to purchase entire two- or three-flats, New West will sell units in those buildings as condominiums.

Chicago-based Hartshorne & Plunkard Architects designed the buildings with a mix of masonry facades to compliment the area's turn-of-the-century houses.

Ground-level two-bedroom condos in three-story two-flats will have 1,284 square feet of space, and will be priced from $238,900 to $254,900, according to Terrie Whittaker, president of sales and marketing at New West Realty.

The three-bedroom duplex units on the second and third floors of the two-flat buildings will have 1,726 square feet and prices between $309,900 and $322,900, Whittaker said.

All of the three-bedroom condos in the three-flats will have 1,380 square feet and will sell for $249,000 to $275,900, according to Whittaker.

The 2,280-square-foot, three-bedroom, single-family houses will start at $332,900.

Marketing will start in February, according to Whittaker. The model is expected to open by late summer.

Copyright © 2005, Chicago Tribune
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Old January 30th, 2005, 05:41 PM   #12
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Is New Urbanism catching on in th suburbs? Check this out:



City to study $500 million plan

Gray Megan
Published January 30, 2005

ROLLING MEADOWS -- The City Council has moved ahead with plans to study the feasibility of what Mayor Kenneth Nelson said could be a $500 million redevelopment project in the city's Woodfield Gardens area.

The 48-acre site northwest of Illinois Highway 53 and the Northwest Tollway has 692 residential rental units, two shopping centers and a carwash. The rental property's owner has announced plans to convert the units to condominiums by late summer but also is willing to consider redevelopment plans, as are the other owners.

Rolling Meadows officials asked their planning consultants to prepare development plans that combine residential and retail uses, including low- or moderate-income housing and town-center-type shopping.

The council approved a resolution to hire Kane, McKenna and Associates Inc. of Chicago to investigate financing options. The property owners have agreed to reimburse the city for the $20,000 study.

"I would hesitate to predict what the final plan will look like," Nelson said, "but I suspect we'll know by early summer whether any of this is practical."
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Old February 6th, 2005, 09:49 AM   #13
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Village homes rising in Near West


A local developer has broken ground on the first units in a residential development that marks a creative new approach to building affordable and market-rate housing in a joint-venture deal with the city.


The West Village Homes will comprise a mix of two-flats, three-flats and single-family homes on 45 scattered lots that the city owns on the Near West Side. Under the "HomeStart II" program, the developer will pay market-value prices for the lots only after the homes on them are built and closed.


"West Village Homes is the first time city-owned land was used for collateral in conjunction with private financing to develop housing in the city of Chicago," said City Housing Commissioner John G. Markowski, who joined Ald. Madeline Haithcock (2nd ) and developers Ted Mazola and Gus Mauro, of New West Realty, at a ground breaking in January.


The $25 million infill project will include up to 110 affordable and market-rate units. Plans call for 18 two-flat condominiums, 87 three-flat condos and five single-family homes to be built between Warren, Taylor, Damen and Maplewood.


Under the program, builders face less risk and lower carrying costs because they do not have to pay for the land until after a home is sold. The city is able to encourage building in an area where it has made redevelopment a priority.


"The HomeStart II program used for West Village Homes could be a model for future development of city-owned land," Markowski said. The city currently holds title to more than 10,000 vacant lots in Chicago.


Pre-construction base prices are expected to start in the $230s for a two-bedroom two-bath condo in a typical two-flat. Three-bedroom two-bath condominiums will start in the $240s, and three-bedroom duplexes with 2.5 baths are priced from the $300s. Single-family homes with three bedrooms start in the $330s.


The typical two-flat has a two-bedroom condo on the first floor and a three-bedroom duplex above. The three-flats have three condominiums with three bedrooms and two baths each. Features include hardwood floors, master bedroom suites, granite countertops, wood cabinets and designer appliances. The masonry buildings, designed by architects Hartshorne & Plunkard, will have diverse facades that match the turn-of-the-century architecture of the Near West Side.


"The West Village Homes joint venture is very significant because it will provide important in-fill housing in communities that have started to develop but have been held back somewhat because of an abundance of vacant city-owned land," said Mazola. "The landmark residential project will allow quality development to occur on that city-owned land, supporting the whole redevelopment of the community."
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Old February 6th, 2005, 03:29 PM   #14
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CITY REPORT
69 townhouses are planned

By Jeanette Almada

Special to the Tribune
Published February 6, 2005

A 69-unit townhouse project is being planned for the McKinley Park neighborhood

Chicago-based Warman Development and Design, a company owned by Williams and David Warman that has developed several residential projects in the Loop and South Loop, is designing and developing the project through its development entity, WOW Development LLC.

WOW expects to close on the 2.56-acre development site in March, William Warman said in an interview last week.

The Chicago Plan Commission approved the project Jan. 20 as a planned development. City Council approval is still needed, and is expected by the end of March, Warman said.

A vacant, multistory warehouse on the site will be demolished, Warman said. The site is between Western Avenue and the CSX and Norfolk Southern Railroad tracks and the Stevenson Expressway and Bross Avenue.

"It is a nice family neighborhood," Warman said. "McKinley Park is just two blocks south of our development site, and it is near good transportation, near good thoroughfares, and the 35th Street `L' [on the Orange Line]," Warman said.

Called McKinley Gardens, the project will consist of three-story masonry townhouses with attached one- and two-car garages, to go up in eight rows with eight to nine units each, according to Warman. The project's two- and three-bedroom units will have 1,850 to 2,000 square feet, Warman said, and will be priced around $300,000.

WOW will reconstruct and landscape the portion of Bross Avenue that is between Western and Artesian Avenues. It currently lacks curbs, gutters or sidewalks, Warman said.

The project will also have 10,700 square feet of landscaped green space for residents' use. Each unit will have at least a 175-square-foot private yard, Warman said. WOW expects to begin selling the townhouses in spring, with construction expected to begin in May.

Copyright © 2005, Chicago Tribune
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Old February 11th, 2005, 06:20 PM   #15
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Target Gets City Help for $42M West Ridge Store
By Mark Ruda
Last updated: February 8, 2005 08:13am

For more retail coverage, click GlobeSt.com/RETAIL.

CHICAGO-Having landed what it considers a prime location despite the failure of two other big-box retailers, Target Corp. also will get $4.6 million in tax increment financing to build a 160,000-sf, $42-million store at 2036-2136 W. Peterson Ave. Along with another store being built in the McKinley Park neighborhood, Target’s store in the West Ridge community will be the Minneapolis-based retailers first two outlets in the US meeting LEED-certified environmental standards.

In addition to 130 trees planted on the 6.5-acre site between Damen Avenue and Rosehill Cemetery, the Target store will have a “green roof” over more than 50% of the building’s cover. The store’s design is unique in the retailer’s portfolio, not only because it fits between two of the chain’s three prototypes--a 138,000-sf model and a 175,000-sf Superstore concept. It will be built above a parking area, with 503 spaces, to maximize use of the land.

“This is a great opportunity for us. This is location, location, location--a great location to open a Target store,” says senior development manager Forrest Russell, whose company acquired the property last year for $10.5 million.

The company also has received a zoning change from the city council, and got a favorable recommendation Tuesday from the community development commission on the tax increment financing. Russell says Target Corp. hopes to begin construction next month, with a store opening expected in October 2006. The project includes razing an existing big box, formerly occupied by Venture and Kmart stores but vacant since 2002.

Russell claims the West Ridge store may capture approximately $6.8 million in annual sales from a competing Target outlet in the neighboring suburb of Evanston. However, he dispels the notion Target will further erode its market by opening stores in the Wilson Yards mixed-use project in Uptown as well. The new store there and the Evanston Target are within 1.5 miles of the West Ridge site.

“They’ll be servicing different areas,” Russell says. “We have stores in some parts of the country a mile apart. We see this as two different markets.”

The West Ridge area has more than 1,000 small businesses, but lacks big-box retail outlets. As a result, Target customers travel to Evanston, costing the city sales tax revenue.
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Old February 11th, 2005, 08:26 PM   #16
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Great, I was wondering what they were going to do with the old Venture's site, and this project is actually on the north side of the city.
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Old February 11th, 2005, 11:00 PM   #17
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I really appreciate how Target tries to fit into an urban area. They're so much smarter than Walmart, which just bullies itself into an area and surrounds itself with suburbia.

What can I say? Walmart is based in TExas--and they obviously have no clue down there.
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Old February 11th, 2005, 11:03 PM   #18
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Quote:
Originally Posted by The Urban Politician
I really appreciate how Target tries to fit into an urban area. They're so much smarter than Walmart, which just bullies itself into an area and surrounds itself with suburbia.

What can I say? Walmart is based in TExas--and they obviously have no clue down there.
Are you sick of SILVERLAKE/GYRO?

Sorry for being off topic.
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Old February 11th, 2005, 11:46 PM   #19
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Quote:
Originally Posted by The Urban Politician

What can I say? Walmart is based in TExas--and they obviously have no clue down there.
Actually Walmart is based in Arkansas, but your point about them not having a clue is still correct.
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Old February 13th, 2005, 02:26 PM   #20
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THE CITY
Seniors building to rise at Roosevelt Square


By Jeanette Almada
Special to the Tribune
Published February 13, 2005

The city will provide $1.6 million in financing toward development of an independent seniors building planned for the southwest corner of Roosevelt Road and Loomis Street on the Near West Side.

To be called Roosevelt Place, it will built on the site of the mixed-income Roosevelt Square project, which Chicago-based LR Development is building on a portion of the former ABLA Homes public housing complex.

The non-profit Intercommunity Housing Corp. is building the structure on a 34,204-square-foot, city-owned parcel at 1401 W. Roosevelt Rd.

The Community Development Commission last week approved sale of the land to the developer for $200,000. That's a $575,000 discount from the $775,000 recently appraised value, James Thompson, the Department of Planning and Development's West Side project manager, told commissioners.

"This is [Intercommunity Housing's] first project. They came to us because they lack development experience," said Eileen Rhodes, director of development at Eastlake Management & Development Corp., who is doing consulting work for the non-profit developer.

The development site is within the Chicago Housing Authority's ABLA Homes Redevelopment Area, which is being transformed into a 2,441-unit, mixed-income neighborhood, Thompson told commissioners.

As master developer of Roosevelt Square, LR is working in cooperation with Intercommunity Housing and Eastlake Management, Rhodes said in an interview last week.

The $9.8 million, five-story masonry building will have 62 one-bedroom apartments and six two-bedroom apartments, Thompson told commissioners.

Of the 68 units, seven will be leased at market rates and the remainder will be leased affordably, Thompson told commissioners. "Fifteen one-bedroom units and one two-bedroom unit will be reserved for tenants earning at or below 40 percent of Chicago-area median income; 41 one-bedroom units and four two-bedroom units will be reserved for tenants earning at or below 60 percent of the Chicago-area median income," Thompson said.

One-bedrooms will have 760 square feet and two-bedrooms, 935, Rhodes said.

Market-rate rents will range from $577 to $682. Rents for the lowest-income tenants will be $480 to $577.

The project will have 30 off-street parking spaces, Rhodes said.

Chicago-based Piekarz Associates is designing the building. "They have designed affordable multifamily buildings for us, and upscale single-family projects in neighborhoods like Wicker Park and Bucktown," Rhodes said.

"This corner is important, kind of a gateway to Roosevelt Square. So our building will have features such as pitched roofs and stone elements, " Rhodes said.

Aside from the land discount, the Chicago Department of Housing will provide about $1 million as financing for a second mortgage for the project. "They agreed to provide gap financing, what we need when all the financing is in place. Right now that amount would be about $1.1 million, but it could change," Rhodes said.

The land discount brings the city help to about $1.6 million.

That funding will likely come through the Housing Department's low interest HOME Fund program, according to Housing Commissioner Jack Markowski.

The developer received $786,516 in low-income housing tax credits from the Illinois Housing Development Authority. "We are converting those tax credits into $6.9 million in equity by selling the credits to a syndicate, " Rhodes said.

Copyright © 2005, Chicago Tribune
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