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CHICAGO-Primestor Development Inc. is planning a 40-acre mixed-use development which will install new retail and residential space at 26th Street and Kostner Avenue in the Little Village neighborhood of the city. The development will reportedly include 258,000 sf of retail space, several hundred new residential units and cost more than $132 million to build. Primestor project manager Eric Salcido tells GlobeSt.com that the development is now in preleasing, with construction to begin next year.

Primestor reports high population density in the area, with more than 54,000 people in a one-mile radius of the development. The company said the shopping center development will be in the commercial center of the Latino community, where the average household income is around $45,000, according to Primestor. The one-, two-, and three-bedroom rental apartments will reportedly range in size from 600 sf to 1,200 feet, with asking rents ranging from $650 to $900 per month.

Salcido refused to comment on a timeline for completion of the project. Construction reportedly entails demolition of one of the two buildings now on the site, and a rehab of the other building, a vacant warehouse dating back to the 1920s. Chicago’s Community Development Commission recently approved nearly $25 million in TIF funds for the project, according to reports.

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