Plans for 250-Unit Apartment Tower Proceed in Old Town

August 26, 2009

Daily Real Estate Updates

sudler-sothebys-logo26 August 2009 ? JDL Development Corp. won zoning approval from the Chicago Plan Commission for a 15-story, 250-unit apartment tower in Old Town located at 1223 N Wells St. What was initially planned as a four-story auto mall was squashed based on local resident?s concerns/complaints about increased traffic. All the hoop-la prompted Grossinger to scrap its plans about two years ago.

The dealership plans to move to 1500 N. Dayton St. (formerly a jukebox factory), near the North Ave/Clybourn intersection where Grossinger ultimately plans to build its auto mall ? with the help of an $8.5-million tax-increment financing subsidy from the city.

With one hurdle down, the matter still must go to the full City Council, but Chicago-based JDL faces what?s likely to be a bigger hurdle in trying to finance the project. Assuming all goes as planned and JDL closes on this property, the good news is that JDL President James Letchinger plans to restore and save the existing one-story building which has a beautiful terra cotta fa├žade. Hopefully this news will please the Old Town residents.

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About Nancy Gaspadarek

With over nine years in the Chicago real estate market, Nancy continues to enjoy the momentous and exciting process of helping her clients buy and sell homes. Nancy believes that the relationships & friendships that she has developed over the years are priceless. In 2007 she made the decision to partner with Catherine Brennan and the two are collectively known in the industry as The G and B Team. ?It was the best move I could have made?, Nancy says, ?Having a knowledgeable and reliable business partner to counter balance your strengths and have a shared passion to provide top notch service and expertise to all our clients is such a blessing.? Nancy graduated from Florida State University in Tallahassee, where she received a four year scholarship and was the captain of the woman's volleyball team for four years. Nancy has lived in downtown Chicago for over 14-years in a variety of neighborhoods. Her free time is usually spent playing tennis, golf & running/biking along the lakefront. She participated in the 1998 Chicago Marathon and has competed in a number of triathlons as well. She volunteers with The Friends of Blaine School in Lakeview, as well as Umoja Student Development and loves to travel as much as possible. You can contact Nancy at 773.259.9353 or gandbteam.com

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