The partnership between Luce and William T. Sipowicz presented the best of three proposals following the department of planning and development's March 2003 request for proposals, says project manager Kimberly Cook. The team will build 30 condominiums at 2226-48 W. Madison St. and 18 townhouses at 2225-37 W. Madison St. While the two-bedroom condominiums will range up to $247,000, 10 of them will be set aside for buyers qualifying under the city's affordable housing program, and will be priced at $168,000. The townhouses will sell from $313,000 to $344,000.

The city was seeking $1.2 million for the nine lots totaling 66,000 sf, Cook says, but the community development commission Tuesday endorsed selling the land to the partners for $662,200. Cook notes the developers are not seeking tax increment financing, and is adding amenities such as "green" roofs to its buildings.

"It seems like it's been forever trying to get this project started," says 2nd Ward Alderman Madeline Haithcock.

Cook adds the partnership may not be done after building 48 multifamily units. They are talking to owners of adjacent properties, some of them who were planning developments of their own, about potential sales.

After paying for the city-owned land, the developers intend to finance the remaining $9 million in development costs with a loan from Harris Bank, Cook indicates.

Luce, based in southwest suburban Tinley Park, converted the landmark 54-unit Yale Apartments in the Englewood community to 68 affordable senior housing units. In addition to a $4-million project in Frankfort, Sipowicz is involved in a $50-million, 450-unit development in Cedar Lake, IN.

Instant Insights /

$9M Condo, Townhouse Project Set for Madison Street

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