Developer's big bet in Chinatown
REAL ESTATE | Wong hoping to build large, mixed-use building with space for indoor mall
March 5, 2008
DAVID ROEDER
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A developer dedicated to promoting Chinatown as a commercial, housing and hotel destination is asking for zoning authority to construct a large building at 2411 S. Wallace that seems to personify the idea of "mixed use," and a lot of it.
In a building of perhaps 20 stories, See Wong wants to pack 160 residential units, 552 parking spaces and a whopping 235,000 square feet for retailers. He said the stores would be on the ground floors, the parking decks above it and the homes in a tower above them.
The project reflects his belief that Chinatown needs the commercial appeal of an indoor mall. Wong said he hopes to start marketing the space to condo buyers and retailers this summer, assuming he gets the city's zoning OK. He filed an application in early February, which starts a hearing process that can last for several months.
"I've been doing this for 20 years," said Wong, head of Wabash Development Group. "I know the cycles go up and down, but I feel comfortable because I have a niche market and also because immigrants continue to come here to Chinatown."
His homes, he said, might be marketed for student housing while the stores would have an Asian theme.
Wong has received zoning approval for another notable deal, a 175-room hotel that would have a pagoda-style roof. Meant to invoke ancient Chinese dynasties, his Grand Imperial hotel is planned for the southwest corner of Clark and Archer.
He's selling the rooms as condo units, similar to the arrangement that's available for Donald Trump's downtown hotel but at lower prices. Wong said he has
sales contracts on about 50 percent of the rooms and has promised to start construction in the spring.
RENT ROLL: After hassling with the city over some design issues,
a San Antonio-based company is moving ahead with a new apartment tower immediately east of the Merchandise Mart. Lynd Co. has gotten the city's OK for a 32-story building on an empty lot at the southeast corner of Kinzie and Wells.
The project reflects the standard mind-set these days that apartments in downtown are far easier to fill than condos are to sell. The building would have 249 units, 213 parking spaces and about 25,000 square feet for coffee shops and the like.
http://www.suntimes.com/business/roeder/825680,CST-FIN-roeder05.article