Chicago University Commons, LLC, an entity 60%-owned by Ronald B. Shipka Sr. and Ronald B. Shipka Jr., reportedly is paying about $37.5 million for the land and three-story buildings totaling nearly 1 million sf, which will be converted into one-, two- and three-bedroom loft condominiums. Enterprise Cos. principal Ronald B. Shipka Jr. says prices will range up to $200,000 for the one-bedroom units, $300,000 for the two-bedroom units and $400,000 for the three-bedroom units. The majority of the units will be two-bedrooms, ranging from 1,000 sf to 1,400 sf, he says.

Chicago University Commons, LLC is voluntarily setting aside 58 units--7% of the project--for buyers qualifying under the city's affordable housing initiative, reports Phillip Levin of the department of planning and development.

Many of the South Water Market vendors have relocated to the south, including CenterPoint Properties Trust's new International Produce Market at at 2501 S. Damen Ave. Newcastle Limited is brokering the sale to Chicago University Commons, LLC from a cooperative of more than 100 vendors.

"It's a creative solution offered by this developer to save these buildings," says planning and development commissioner Alicia Berg. "They were up for sale, and there was a question whether they could be saved."

Other potential buyers, Berg says, had demolition in mind rather than saving and restoring the terra cotta facades, as Chicago University Commons plans to do.

Besides reducing the number of units from 885, changes in plans negotiated with Berg's department included a 4,500-sf retail building at Morgan Street and 14th Place and landscaped courtyards between buildings.

While most of the vendors have moved out, three remain, but talks continue on a sale of their units to the developer, Levin says.

Instant Insights /

South Water Market Buildings Kept in $200M Conversion

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