LINCOLNWOOD, IL-A joint venture between Inland Real Estate Acquisitions Inc., based in Oak Brook, IL, and Chicago-based TMK Development Ltd. are planning a mixed-use development at the site of the former Purple Hotel, 4500 W. Touhy Ave., here. Once the Legacy Place development is completed, the value is estimated to be $125 million, says Joe Cosenza, president of the Inland company. The venture acquired the property for an undisclosed sum from a private individual based in an adjacent suburb, Cosenza says.
The development, which will be on an 8.5-acre parcel at the intersection of Touhy and Lincoln avenues, is expected to have up to 800,000 sf of retail, hotel, office and residential development. There are 230,000 people within a three-mile radius of the intersection, Cosenza says. “You have an average household income of $80,000,” he adds. Within a five-mile radius of the site are 785,000 people, he says. The venture plans to “develop it into a brand new downtown location for Lincolnwood,” he says.
Inland and TMK acquired the parcel “because what we saw was the possible ability of being able to make this site a focal point, where you would have a situation that people would come to the site more often than one or two times a week,” Cosenza tells GlobeSt.com. The current concept plans include more than 100,000 sf of retail and restaurant space including a health club, grocery store and a movie theatre. Plans also include a 350-room boutique hotel and 40,000 sf of office, as well as more than 200 residential units, which may be condominium units or apartments. The venture expects to announce some of the tenants in about a month, Cosenza says.
The hotel closed last year after being in operation for more than 40 years, he says. “It is faded elegance,” Cosenza says. Demolition of the hotel is expected to be done in January with construction to begin soon after, he says. The venture plans to construct the entire development in one phase, Cosenza tells GlobeSt.com. It will probably take about 18 months for the development to be complete, he says.