Massive developments underway in emerging neighborhoods Vacant land for
future residential development is abundant on Chicago’s Near
South Side and Near West Side, and with the economy picking up, experts
say 2004 could be a boom year for new housing in the city. Three major
mixed-use residential developments totaling nearly 5,500 new units
are planned for construction in 2004 and beyond on nearly 100 prime
acres of land in Chicago. Here is an overview of the three big projects
in the pipeline, valued at a total of nearly $2 billion dollars: •Riverbank
mix. After more than two years of planning, Rezmar Development
Group recently submitted official plans to the Chicago Plan Commission
for a major mixed-use development called Riverside Park. The $1.5
billion venture will utilize the 62-acre tract of undeveloped land
along the south branch of the Chicago River between Roosevelt, 16th,
and Clark. The master plan for Riverside Park received zoning approval
from the City Council as a planned-unit development on March 31. Plans for Riverside
Park call for a mix of new retail space, restaurants and other commercial
uses as well as 4,614 residential units in various styles and price
points, from mid-rise and highrise condominiums to luxury townhomes
and lofts, according to Judi Fishman, project manager for the development
team. For-sale housing
will range from about $200,000 to more than $1 million. Marketing
of the housing phase will begin in 2005, Fishman said. “Some
670,000 square feet of commercial space in the development will bring
much needed lifestyle retail to the South Loop and an exciting riverwalk
retail and entertainment district,” Fishman said. For more information,
visit www.riversideparkchicago.com. •West
Side renaissance. With the development of Westhaven Park, a new
$200 million residential community, the Near West Side is poised for
a major residential building boom, real estate experts say. A recently launched
new condominium and rental apartment phase of Westhaven Park is part
of a larger 764-unit development that is transforming the rapidly
emerging area. Some 155 new apartment units are being delivered this
spring, and 173 condominiums will be delivered next year as part of
the latest 26-acre phase, according to co-developers Brinshore Development,
LLC and the Michaels Development Co. Westhaven Park’s
new phase is an innovative residential neighborhood of mid-rise condominiums
and three-story “city flats” being developed two blocks
north the United Center, said developer Richard J. Sciortino, president
of Brinshore. “With one-bedroom
units starting at $175,300 and large two-bedroom residences beginning
at $220,500, Westhaven Park is the most affordably priced new condominium
development in the West Loop and Near West Side,” said Sciortino. The new Westhaven
Park residential enclave is being developed on the site of the former
Henry Horner Homes housing complex, bounded by Hermitage, Lake Street,
Oakley and Washington. For more information, visit www.westhavenpark.com. •Bronzeville
revival. Jazz on the Boulevard, a unique 137-unit development
of luxury rowhomes, condominiums and townhomes, is underway in the
rapidly redeveloping North Kenwood-Bronzeville area on the Near South
Side. Plans for the mixed-income residential development call for
98 for-sale homes and 39 rental apartments. Jazz on the Boulevard
is being developed through a joint venture of Thrush, Granite Development
and Century Place Development Corp. “The $35
million redevelopment along three full blocks on the west side of
Drexel Boulevard, between 41st Street and 42nd Place offers a unique
opportunity to restore the original grandeur to what was historically
one of the finest examples of Chicago’s Boulevard system,”
said co-developer David L. Chase, president and CEO of The Thrush
Companies. Phase I of Jazz
on the Boulevard will consist of 18 condominiums and townhomes on
East 42nd Place and Drexel Boulevard. Fourteen units have been sold
during the sneak preview sales period. Phase II of the development
will consist of 108 condominiums, townhomes and rental units. Plans
for Phase III call for 11 condominiums, rowhomes and rental units. Condominiums range
from $149,000 for a one-bedroom to $269,000 for a three-bedroom two-bath
layout. Townhomes feature two bedrooms, 2.5 baths and 2,008 square
feet of living area, priced from $319,000 to $344,000. For more information
visit www.ThrushHomescom. |