Posted Aug 22, 2018, 10:57 PM
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Join Date: Apr 2013
Location: Chicago & Philly
Posts: 2,413
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This was posted in Crain's a couple of days ago, and it looks like they plan to break ground during autumn. Worth a read for all the interesting tidbits in this article, especially about how the development in West Loop being an major reason for the development to occur.
A bold plan for reviving 'desolate' part of East Garfield Park
Quote:
A pair of neophyte developers hopes to break ground in the fall on the first phase of a planned 114 apartments they believe can spur revival of a long-depressed part of the East Garfield Park neighborhood.
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"We have to start somewhere with reviving this neighborhood," Hibbler said. The first phase would include 24 apartments in several small buildings, all with first-floor retail.
The complete proposal, which would happen in three phases, includes 114 apartments, most of them above street-level retail and commercial space, as well as a technology incubator, a performing arts center and an art gallery. In all, it would include space for about 50 new businesses, Hibbler said.
The project, also known as Rebirth Garfield Park, would all be built on now-vacant lots, some privately owned and some held by the Cook County Land Bank, in the 2800 block of West Madison Street (between California and Francisco avenues) and on the 2800 block of West Fifth Avenue.
Design businesses, including tech design businesses, would be the target tenants of the commercial space, Hibbler said, and the entrepreneurs behind them would be a key target audience for the apartments.
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The $30 million first phase of the project, which would include 24 apartments with retail space below, is being funded by investors, Hibbler said. She declined to identify them but said they are prepared to invest in the entire $100 million, three-phase development project. The architect designing the buildings is Karl Guider, whose firm, Guider Group, is based in the Belmont-Cragin neighborhood.
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"The city is finally coming west," Bezanes said. The heat in the West Loop is emanating in that direction, and as a result, he said, "my clients who used to get one call a year about their land are getting half a dozen calls a year. In the next few years, you should really see some action." He represents a half-acre parcel on the 2900 bock of Madison, just west of the Design District area, that has been for sale since 2010, priced since early 2017 at $499,000.
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http://www.chicagobusiness.com/resid...-garfield-park
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I'll believe it when I see it. Where is the money coming from? Did they get a bank to finance this? I mean, I know the West Loop boom is intoxicating to us real estate types, but damn... this is a LONG way west of Ashland and has a serious violent crime problem.
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