Jerome Wexler, a member of 540 W. Stratford LLC, says the 21 units will be about 2,800 sf, taking up entire floors of the building that will tower over most, but not all, of the residential properties in the area. Some buildings are as tall as 28 floors in the area, according to the department of planning and development. Wexler, whose group paid $2.18 million for the property in December 2000, tells GlobeSt.com the units will be priced in the $1 million range.
The project has been discussed by neighborhood groups and city planners for about two years. Among those signing off on the project are members of a neighboring condominium association at 555 W. Cornelia St., who live in a 20-story building. Planning and development department officials note the project's floor-area ratio of 7.0 conforms to the current R-7 zoning for the site.
Wexler tells GlobeSt.com the group already has "a couple" of pre-sales for a building expected to be ready for delivery in late 2005 or early 2006. Although the developers need city council approval, they recently won a favorable endorsement from the plan commission, as well as 46th Ward Alderman Helen Shiller.
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