January 13, 2010 - If Chicago real estate developer Village Green Cos.
has their way, they’ll be able to convince the Illinois Housing Development Authority to issue tax-free bonds to complete the renovation of 188 West Randolph into an apartment tower. In exchange for the bonds, 20% of the planned 310 Chicago apartments would have below market rate rents, according to a Sun Times article.
The historic 1920s tower was known as the Steuben Club Building. The crumbling terra-cotta facade was an issue for Village Green when they purchased the old office tower in 2005 for $10 million. The falling debris created a public hazard and it was temporarily fixed and a scaffolding put up around it. But financing to finish the $140 restoration and renovation project fell through a couple of years ago. This prompted the developer to seek assistance elsewhere.
Besides the 310 apartments, the lower level would be commercial space that Village Green would occupy themselves and use as their Chicago office.
More developers are having to get creative when it comes to financing their remodeling projects. If you can’t or don’t want to move right now but would like to make a few changes to you own Chicago condo, you can find some great Chicago remodeling contractors to do the work for you.
Technorati Tags: Chicago Apartments, Chicago Remodeling Contractors, Chicago Real Estate
