Assistant City Manager Judith Aiello says the change will result in an additional $1.09 million in property tax revenue. The 212 condominium units will generate $7,000 a year in property tax revenue, she explained recently to aldermen, while the 196 apartments would have produced just $2,000 per unit. Aldermen unanimously approved an amended redevelopment agreement for the condominiums.
A parking garage on Sherman Avenue, which will be rebuilt in the first phase of the development, will be demolished after the holiday shopping season. Final plans now call for 1,591 parking spaces in the rebuilt garage. However, 256 spaces would be bought back by the developer, Sherman Plaza Venture LLC, a partnership that includes James Klutznick, whose family developed the Water Tower Place, Old Orchard and Oakbrook shopping centers.
While the parking garage is expected to be ready for next year's holiday shopping season, the retail space will not be ready until the following spring, with the condominium tower to be completed later in 2003.
The city completed the purchase of the block for $14.5 million this summer.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
