X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-A $70-million condominium and office project combines something old with something new. Besides building a 37-story, 235-unit condominium tower at 301 W. Ohio St., Woodlawn Development LLC also will renovate the Bowne Building at 325 W. Ohio St., creating 12,000 sf of ground-floor retail space with office space on the upper six floors.

The project won a recent endorsement from the plan commission, which is allowing 70% more density on the 32,335-sf than allowed under current zoning. The Oak Brook-based developers are getting bonuses for renovating the 118,437-sf Bowne building as well as contributing $1.2 million to the city’s affordable housing fund.

Although it is not on the list of the city’s designated landmarks, the 80-year-old Bowne building is worth saving, says 42nd Ward Alderman Burton Natarus. Preserving the building for retail and office space means it will be taxed at 38% of the assessor’s market value, Natarus notes, rather than 16% for residential property, including condominiums. “If a developer wanted to, they could’ve torn down that building,” he says. “This is a building that isn’t a landmark, but should be preserved.”

Woodlawn Development’s Sam Persico tells GlobeSt.com he hopes construction can begin early next year. The project will take 22 months to complete. Condominiums, which will include a mix of one- and two-bedroom units, will likely go on the market at $325 per sf, Persico says. His group is working on arranging financing.

Woodlawn Development acquired the Bowne building and adjacent parking lot for $9.5 million in 2002, according to property records, $1 million more than its previous owner paid for the property along the Chicago Transit Authority’s Brown and Purple lines earlier that year.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.