$76M Condo Plan May Be Too Tall for Suburb

While Optima Horizons LP notes its 290,000-sf proposal is 62% of the square footage that would be allowed under current zoning, residents told plan commission members this week the proposal is "out of proportion" for its location on the edge of the suburb's Downtown, as well as being the highest building between high-rises along Chicago's Sheridan Road to Waukegan.

Optima Horizons LP president David C. Hovey, an architect who designed the elongated, staggered two-tower configuration, notes the 2.28-acre triangular site could be developed with a 596,000-sf up to the lot lines, but within the 145-feet height requirement.

"This scheme is a lot less massive," says Hovey, who includes a one-acre public park at ground level in addition to a "green roof" for residents of the 248-unit building, in addition to 5,000-sf of retail space. "That park is worth a lot of money. It's not a several-thousand-dollar park. It's a several-million-dollar park."

Optima Horizons LP, which is building another condominium building nearby, has a contract to buy the land from Dallas-based Prentiss Properties Acquisition Partners, LP, which owns the neighboring office building.

Hovey argues the site, within a quarter-mile from a Chicago Transit Authority, Pace and Metra station, is ideal for a high-rise multifamily building.

"You can't just look at the height of the building," Hovey says. "You have to consider the mass of the building. I don't think any developer would put residential units on the west side of the lot, along a railroad track. And we purposely removed one-third from what we could've built on the site. I don't think too many developers would do that."

Hovey's plans call for eight units per floor, with a mix of one-, two- and three-bedroom units that are designed to appeal to first-time buyers, young professionals and empty-nesters aiming to remain in Evanston or return to the city.

"We also see a need in Evanston for housing that is affordable to people who have lived in Evanston for many years," says Hovey, adding his unit mix could not be built into other designs. "What we're trying to provide in this building is diversity. We feel we're addressing a market that no one is looking at right now."

However, the units will average $302,000 per unit, or $263 per sf. Sizes will range from 650 sf to 1,450 sf, he adds.

The building is projected to generate $1.93 million in property tax revenue. Hovey hopes to begin construction in April, with occupancy beginning in June 2004 and completion one year later.

The plan commission is expected to make a recommendation to the city council Jan. 29.