chicago-condos & Chicago Real Estate pcherry on 31 Jan 2010 12:55 pm

Lake View Station Planned For Uptown

January 31, 2010 - Things must be looking up for the Chicago real estate market, or at least one developer is betting on it. Sedgewick Properties recently gave out details in a Crain’s article about a new large scale development they have planned for Uptown. The three tower complex will be located on the lakefront and be appropriately called Lake View Station. According to the article, the estimated price tag is around $350 million and Marty Paris of Sedgewick expects to break ground on the first phase later this year and be completed within five years.

Three high-rise buildings will make up Lake View Station and range in size from 20 to 45 stories tall. The total number of units in this mixed-use development will be about 850, with a mix of apartments, condos, a 200 room hotel, large grocery and health club. Around 150 of the residences will be marketed as senior housing.

Getting a zoning change as well as $40 to $50 million in TIF funds is crucial, as well as pre-leasing the 100,000 square foot retail space to mollify lenders and secure a construction loan.

Another hurdle is the Clarendon Park Neighborhood Association who want 125 free overnight parking spaces for local residents. Sedgewick has already agreed to include those in the 1,100 space parking garage they plan to build this year. The retail space would sit on top of that structure and then a 20 story apartment tower would follow next year.

Other developers may be doubtful about this big of a project launching right now, but that doesn’t mean it’s impossible. Belgravia Group’s Buzz Ruttenberg commented in the article that, “The scope of this project is clearly off the charts. But if they’ve got staying power, and are successful in pre-leasing the retail, then there’s probably significant economic potential.”

We’ll keep an eye on this proposed project and see how or if it progresses. Until then, there are lots of already built Chicago homes for sale at significant price discounts.

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