Instead, developer Peter Walsh plans two 38-unit condominium buildings, 11 townhomes and six single-family homes on the 2.2-acre site south of the Chicago River. Walsh tells GlobeSt.com prices of the condominiums will range from $249,000 to $529,000, while the townhomes will cost about $625,000 and the single-family homes up to $1.3 million.
While the project has been endorsed by the Chicago Plan Commission, financing for the project also is being arranged. "We're working with a couple different lenders right now," Walsh tells GlobeSt.com.
Walsh, who was not involved with the previously approved 197-unit development, says developing his three-phase project is more manageable than the larger two-building plan.
Walsh has a contract to buy the property, which includes vacant warehouses, from Park Place Investments. Park Place Investments acquired the site in 1999 for $1.7 million, mortgaging it for $4 million, property records show.
Walsh's plan also is expected to include units priced according to the city's affordable housing initiative, as well as a "green roof" over at least 25% of the project's footprint.
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