Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-A $35-million mixed-use project slated for the northwest corner of Cicero and Peterson avenues, as well as at the entrance to the northbound Edens Expressway, appears headed to the planning commission for a recommendation. Imperial Realty Co.’s plans call for a 40,000-sf store that would be leased by Whole Foods, as well as 136 condominiums in two buildings on the three-acre site.

The Whole Foods store would be on the ground floor of a five-story building. The top four stories would include 61 condominiums. Construction of that building could begin next spring, assuming zoning and necessary permits are approved, attorney Richard Klawiter told residents of the Edgebrook and Sauganash neighborhoods Oct. 28 at a community meeting. Occupancy could begin in the middle of 2005, he added.

The site once included a banquet hall, which has since been leveled in preparation for the development.

Al Klairmont, president of Imperial Realty Co., said pre-sales efforts will begin before a spring groundbreaking. The schedule for the second building, which will include 75 condominiums in six stories, will depend on sales of units in the first building, he added. “We expect they’ll be a high demand and we’ll break ground shortly thereafter,” Klairmont said.

The demand is fueled by a lack of affordable housing in the Northwest Side neighborhoods. The 56 one-bedroom units will range from $159,000 to $232,000. The 60 two-bedroom units are tentatively priced at $196,000 to $317,000. The 20 three-bedroom units will run from $252,000 to $364,000.

Tax increment financing also may be used to help fund the project. As a result, 20% of the units will be earmarked for residents qualifying under the city’s affordable housing guidelines. Klawiter said that may include police officers, firefighters, teachers and state’s attorneys.

“We expect the likely occupants to be first-time homebuyers and young families, and a significant number of empty-nester types,” Klawiter said.

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. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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.