Jun
19

Development Update-O-Rama: West Coast Developer Gets Involved in Two Apt Tower Plans

June 19, 2013

061913-AR-130619756.jpg%26maxw%3D368%26q%3D100%26cb%3D20130619073820.jpegCrain’s is reporting that Portland, Ore-based developer Gerding Edlen is signing up for two significant apartment tower projects here in Chicago. The first entails the formation of a venture with Fred Latsko that will bring a longstanding River North plan to fruition. A 25-story, 188-unit proposal for 212-232 W Illinois Street, though to have momentum more than a year ago, finally nabbed a $46M construction loan with site prep underway. Construction should start in the next week or two. The project was approved ages ago, but litigation over an unpaid loan tied up the development. Hartshorne Plunkard is the architect and the rendering is at right.

The second piece of intel is that Gerding Edlen hopes to start construction on an 18-story, 240-unit building at the border of Old Town and Cabrini-Green directly opposite the under-construction Target big box. This was the prospective site of a Michael Reschke condo proposal that flatlined in 2011. Gerding Edlen bought the site back in March and is eyeing a November start date allowing for March 2015 delivery. Stay tuned for more on this one.
·Trail leads to Chicago for Oregon apartment developer [Crain's]
·New Momentum & Timetable for 212-232 Illinois Proposal [Curbed Chicago]

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