PARK RIDGE, IL-PRC Partners, LLC, a team that includes Oak Brook-based Mid-America Asset Management, has emerged as the winner over four other finalists in the bid to redevelop the first piece of this suburb’s Uptown. The developers and city officials are expected to hammer out a redevelopment agreement by the end of August.
While Mid-America Asset Management focuses on the retail portion of the mixed-use redevelopment project, Edward James Partners will build the multifamily portion. Construction will be managed by Valenti Builders. Initial plans call for them to erect four-story buildings with ground-floor retail space.
The 3.5-acre redevelopment area includes the site of the former Bredemann auto dealership as well as a city reservoir. The triangular site is bounded by Northwest Highway, Touhy Avenue, Busse Highway and Morris Avenue. City officials hope a project at the now-vacant Bredemann and reservoir site spurs further redevelopment in their Uptown area over the next two decades.