The Two River Place LLC site is south of Wards' massiveheadquarters building, which also is being rehabbed into 241condominium units. An 18-story building would be constructed on thenorthern half of the site, with a 19-story building to follow. Aparcel on the southern edge of the site would be donated to theChicago Park District before an occupancy permit is granted for thefirst building.

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Plans include a riverwalk, which would be accessible to thepublic from the park or Chicago Avenue as well as a walkway throughthe River Place project. Although the walkway from the riverwalk toLarabee Street would be owned by the condominium association, itwould be available to the public, plan commissioners were told.

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Construction on the first building would begin in February 2002,says Two River Place LLC principal Ron Shipka, with completionexpected in the early summer of 2003. Once 50% of the units in thefirst building are sold, construction would begin on the second, headds.

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"Financing is in place by a consortium led by Harris Bank andNew Century Bank," Shipka says.

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One-bedroom units would start just under $200,000 and go up to$250,000, he says. Two-bedroom units would range from $275,000 to$400,000, he adds, with three bedrooms selling from the high-600sto $700,000 range.

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The only cause for concern was voiced by Alderman Burt Natarus,whose 42nd Ward includes the Montgomery Wards site. He gotassurance from planning and development officials that the walkwaybetween the buildings would be maintained by the condominiumassociation, but would be open to the public. In addition, Nataruswants the association to know they cannot claim monetaryreimbursement for the strip of land, as has happened in aProvidence, RI case.

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