http://www.chicagotribune.com/classified....story?coll=chi-classifiedrealestate-hed
Mixed-use plan to add 130 units Near South
By Jeanette Almada
Special to the Tribune
Published May 27, 2007
A mixed-use project with
130 residential units is planned for a former manufacturing site on the city's Near South Side.
Local company Banner LLC will develop the project at
1431-99 S. Blue Island Ave. and 1430-98 S. Racine Ave. Banner consists of Chicago-based Kargil Development, headed by Chicago builders Keith Giles and Jerry Karlik, and investors.
The 1.31-acre triangular site, between 14th Place and 15th Street and from Racine to Blue Island, is vacant. Other residential projects are going up around it, and at least one distribution warehouse remains.
The developer has owned a portion of the site since October 2005, according to its application to the city requesting new planned development zoning.
TCF National Bank, based in Burr Ridge, owns the other part, the application shows.
The Plan Commission approved rezoning for the project this month. City Council approval is needed.
Banner will put up a
12-story building with 130 units on the southern 30,000-square-foot portion of the site.
Six units will be townhouses with about 2,100 to 2,400 square feet of space, according to Jordan Karlik of Kargil Development. "We are still planning the units so we don't know how many bedrooms those townhouses will have," Karlik said.
One- and two-bedroom condominiums to go up on the 4th through 12th floors will have 700 to 1,200 square feet of space.
Banner expects the units to range from the low $200,000s to the mid $500,000s, Karlik said last week.
Parking for 130 cars will be on the first three levels. "We will have [
8,562 square feet] of ground-floor retail space in the residential building and are looking for convenience stores, coffee shops or service providers for that space," Karlik said.
Banner will begin
selling the units from an on-site sales center expected to open by
March 2008, Karlik said.