Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-A city-owned parking lot in the 6300 block of N. Western Avenue will be redeveloped with a 10,000-sf retail center with rooftop parking. The developer, 6301 N. Western LLC, has agreed to pay the city nearly $1.8 million, or $80 per sf, for the 22,122-sf site now occupied by 48 metered parking space.

The $6-million project will create 74 parking spaces, 10 of them reserved for the five tenants who will likely pay rents ranging from $25 per sf to $30 per sf. “This one is a win-win situation for my community,” says 49th Ward Alderman Bernard Stone. “It’s the beginning of additional economic development in this area, which has been underdeveloped in the past.”

Although a restaurant is among the possible tenants, the developers are looking for service-oriented businesses, says Michael Emerson of VOA Associates, architects for the project. The design includes building up to the lot lines along Western Avenue as well as Rosemont Avenue, he tells the community development commission Tuesday, as well as a building with 16-foot ceilings. In addition to planting 12 trees along the 204 feet of parkway along Western Avenue, the design includes a water retention system on the environmental “green roof,” allowing rain water to be recycled.

The developer has agreed to pay the appraised value of the parking lot, says department of planning and development project manager Chris Jang. The land sale was endorsed by the community development commission.

Although the property is zoned B3-2 and C2-2, the project is much smaller than the 48,000 sf that could be built on the site.

Dig Deeper


GlobeSt. NET LEASE Fall 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.