Dennis Nyren, a principal with locally based MJ Partners CapitalServices, says the development at 3030 N. Broadway St. will beconstructed in two phases. The estimated cost for the 150,000-sfphase one is about $50 million, he tells GlobeSt.com.

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First Bank in St. Louis and M&I Bank in Milwaukee providedfirst mortgage financing to cover pre-development costs andrefinance a loan for the land acquisition. Nyren says the financinghas a three-year term and a loan-to-value of 75%.

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Nyren and Jeff Jacobsen, also with MJ Partners, arrangedfinancing. The locally based joint venture will use the funds forpre-development expenses like a sales office, Nyren says.

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The project is being developed on the site of Dominick's FinerFoods, a 20,000-sf grocery store that burned down in 2004. "It is agreat infill location," Nyren says.

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The first phase is a five-story building with 45,000-sfDominick's grocery store at street level and topped off by 53condominium units. A 3,200-sf National City Bank also will be partof the first phase. Dominick's signed a 20-year lease with sixfive-year renewal options, according to Nyren. National City Banksigned a 10-year lease with three five-year renewal options.

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The condominiums will average 1,544 sf, with outdoor terracesranging from 400 sf. "They are huge outdoor terraces, which is likeanother room," Nyren says. The sales price for the units mostlikely will be $650,000 to $2.2 million, he says. There will be 111residential parking spaces in the basement and an 82-space levelabove the store for customers. "There is no product like this inLakeview where you can drive to your own heated parking space, takethe elevator up to Dominick's, do your shopping and then go up toyour [unit] and have your dinner," Nyren says, pointing out thatmost apartments and condominiums have street parking.

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Phase one construction is expected to begin this summer.Residential units are being marketed by @Properties. Dominick's isexpected to open in fourth quarter 2009 and the residential unitsready for occupancy 90 to 120 days later, Nyren says.

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The first phase is being constructed on a 50,000-sf parcelfronting Broadway Street. The second phase--a four-story buildingwith 35 condos--will be constructed on an adjacent 21,890-sf parcelfronting Waterloo Court. The cost of the second phase was notavailable.

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