Michael H. Ezgur, one of the five partners in Terrapin Properties, LLC, says units will be priced at about $265 per sf, putting them in the $200,000 to $450,000 range, with parking spaces included. The 10-story contemporary-design building will have 15,200 sf of first-floor retail space as well as two floors of indoor parking.
The deal also will involve renovating a two-story building at 38 S. Peoria St. used by the Merit School of Music. The plans, which still have to be approved by the city council, would allow a third floor to be added to the building, which the school would acquire from Terrapin Properties. The developers are buying the 1.7-acre site from Christian Communications of Chicagoland Inc., which operates a television studio on Peoria Street but uses the land fronting Madison Street as a parking lot.
While including the almost-standard "green roof" to its plans along with a dog walk, Terrapin Properties is proposing a project with a floor-area ratio of 3.9, 30% more than what the current C2-3 zoning allows. However, assistant department of planning and development commissioner Philip Levin says the density fits into the surrounding area, which continues to see significant redevelopment.
Terrapin Properties includes James D. Geleerd, former president of Sportsco International, which recapitalized and managed Toronto's SkyDome baseball and football stadium, which includes a hotel and restaurants, including a Hard Rock Café.
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