CHICAGO—A development team which includes Avison Young, Peak Campus Development and financial partner Blue Vista Capital Management has started construction on Vue53 – a mixed-use project that will serve the Hyde Park and Kenwood neighborhoods in Chicago. The team was chosen by the University of Chicago to develop, finance and manage the project.
“Our team is very excited to be breaking ground on this outstanding project, and we're very thankful for the community's positive support and feedback,” says Avison Young principal James Hanson.
Vue53 is located near the intersection of 53rd St. and Kenwood Ave., directly north of Nichols Park, and will comprise 28,000 square feet of ground-level retail, 267 apartment units and 225 parking spaces.
The project is a collaborative effort by the University of Chicago and the City of Chicago. Avison Young officials say it will offer affordable housing units in excess of the city's requirements and is being developed without tax increment financing or other public subsidies. The developers also plan to seek a LEED Silver designation from the US Green Building Council.
The residential component will offer studio, one- and two-bedroom apartments, high-end finishes and ample amenities, including a multi-purpose clubhouse with Wi-Fi, 24-hour fitness center, 24-hour business center and secure bike storage. The apartments will provide new housing options for Hyde Park and Kenwood residents as well as University of Chicago graduate students.
“Vue53 is an exceptional addition to the 53rd Street corridor and is a great example of a creative partnership between the University of Chicago and a private developer that will serve to benefit the Hyde Park, Kenwood and University communities,” says James Hennessy, the University of Chicago's associate vice president for commercial real estate.
The developers plan to complete Vue53 in September 2016.
As reported in GlobeSt.com, Avison Young acquired Chicago-based Mesa Development, LLC on April 23, 2015.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
