EVANSTON — Two large residential high-rise projects slated for downtown are moving forward again, nearly a half dozen years after they got caught in the economic downturn.
Evanston City Council members on Monday approved amended planned developments for 1881 Oak Ave. and 1890 Maple Ave.
Dating back to 2005, developer Robert King had planned to build 165 residential condominium units at the Oak address while Maple was planned as a mixed-use building with rental and commercial space.
The developer put the projects on hold in the economic downturn.
Under the amended proposal, King and partner Steve Fifield are planning a luxury rental development, footing the bill for infrastructure improvements and seeking no subsidy from the city.
The proposal calls for an increase in the number of units at the two buildings from 342 to no more than 368. Retail will be substantially lower, falling from 21,040 to 4,000 square feet. King’s original proposal called for a grocery store.
An excited King said Tuesday that the developers are hoping to begin construction in summer or fall of this year.
BELLWOOD, IL — A joint venture between Next Realty Development, based in McLean, VA, and Chicago-based Carroll Properties is planning a 457,000-sf regional retail center1, here. Bellwood Station will be developed on a 41-acre site along the Eisenhower Expressway at 25th Avenue. The estimated cost for the project is nearly $90 million, says Robert King, president of Carroll Properties.
The development is expected to have two “big box” anchor retailers, three junior anchors, three out-parcels and about six inline retail spaces, he says. King said they are in talks with national retailers who are “household names” but could not disclose which retailers. Wal-Mart, Home Depot and a Burlington Coat Factory are reportedly some of the possible tenants. The development will be leased by Tracy Harnisch with Next Realty LLC, of whlch Next Realty Development is an affiliate. Lease rates have not been determined yet, King says. Average asking rates are around $18.12 per sf, according to a recent Marcus & Millichap report.