Image is in the article (I still don't know how to cut and paste images in an iMac)
1/21/2009 10:00:00 PM
Owners seek to draw renters to refurbished building
By KATE GARDINER
Medill News Service
A former appliance warehouse built in 1924 has been declared the city's first landmark of 2009.
The owners of the Lindmann and Hoverson Company Showroom and Warehouse, located at 2620 W. Washington in East Garfield Park, applied to the Commission on Chicago Landmarks in August for the status, giving its approval in January.
Owner and developer Lawrence Kerner said he combined the city's historic landmark preservation ordinance and the U.S. Green Building standards to expedite permits needed to build-out the warehouse.
Kerner said his motivation, other than his concern for the environment, was to reduce costs of the building's construction. He said given the state of the economy, he was extremely concerned with the financing behind the project. The project almost didn't get started.
"We finally got funding approved in July," Kerner said. "We had financing arranged several times, but until JP Morgan Chase approved a loan for the full construction costs, we were wavering."
Kerner said he and his partner, Bold Ventures, intend to keep the
68-unit apartment building, and that the renovation shows that consideration. "We're putting quality into the building to save ourselves the money later," he said.
According to a preliminary report filed by the landmarks commission, the warehouse was constructed by Chicago architect Paul Gerhardt, Sr., who designed reinforced concrete buildings including Cook County Hospital.
The U.S. Green Building standards required the developers to invest in energy-efficient heating and air conditioning, as well as insulation and new windows.
Kerner said the hardest part of the renovation was bringing the requirements of the Landmarks Commission together with those environmental standards, "They just don't match up," he said. "It's really hard to coordinate."
"The units have great light because of the windows - they're seven by 15 feet, and on the corner units, the walls are all windows," said Kerner.
Such amenities could help draw artists and other creative professionals to the structure. "We expect to attract creative types from nearby," he said.
Kerner said he expects the apartments and a 3,800 square-foot retail space will be available for lease in April or May.
Rent for the one-bedroom loft apartments will be between $900 and $1,000 per month; the two-bedroom units will go for about $1,400.