Developer Robert Horner, whose projects include the Evanston Galleria, hopes to deliver units in 2007. Although some plan commission members questioned the timing of a development in a climate of rising interest rates, Horner notes he will have a 40% pre-sale requirement, and has experience weathering rising interest rates.
The development on a block bounded by Davis, Grove, Elmwood and Maple avenues exceeds limits on size and height, but will have amenities that will appeal to a wider market beyond the entry-level buyer, architect Patrick FitzGerald told the plan commission last month. The 21-story building will have a 258-space garage at its base, as well as 6,378 sf of first-floor retail space. Traffic consultant Robert Hamilton told the plan commission the 258 parking spaces should be adequate for a building located near a Metra commuter rail station as well as a Chicago Transit Authority Purple Line stop.
The condominium tower would replace a two-story mixed-use building Horner acquired last summer for $2.6 million, according to property records. Horner also was urged to consider an affordable housing component to his project. Recent projects incorporating affordable housing units include Sienna Court.
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