X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-The city’s department of planning and development is seeking bids for a prime Near North development site, with at least one major stipulation. The buyer of the 22,240-sf former 18th District police station site at 113 W. Chicago Ave. must partner with not-for-profit disability organization Access Living, which also will have 35,000 sf in any new building.

In a request for proposals with a Sept. 15 deadline, the city is seeking a target price of $3.6 million, or $162 per sf. Under current B7-5 zoning, a 155,000-sf building could be constructed on the cleared site that features 80 feet of street frontage on both Chicago Avenue and Superior Street.

Other stipulations include requiring a new building to be constructed at the Chicago Avenue property line, with the tallest portion of the structure facing the north side of the site. A “green roof” also is strongly recommended in the RFP.

If a mixed-use development includes at least 10 multifamily units, 10% of them must meet city affordable housing guidelines. Condominiums would be priced to meet the budgets of households at or below the area median income, while rental units would need to be within reach of households at 60% of the median income or less.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.