2 December 2009 ? Baum Realty Group, LLC is seeking government assistant for its $53,800,000 project to convert the former Frederick Cooper Lamp Co. factory at 2545 W. Diversey Parkway to the “Green Exchange” ? office and retail space used by eco-friendly businesses. A first of its kind in the United States, the developer has already secured 24 tenants committed to 90,000 of the buildings 250,000 square feet. The project began in 2006 with private funding from Associated Bank. Unfortunately, the original loan of $35 million shrunk to $20 million during the economic downturn. The developers are now applying for $15 million dollar loan from U.S. Department of Housing and Urban Development (HUD) under the Section 108 loan plan. Moreover, the Chicago Community Development Commission, who could possibly draw funds from the Community Development Block Grant program and a local tax-increment financing (TIF) district, will consider their application on December 8. As quoted in Crain?s Real Estate section today, the Green Exchange has the support of local Alderman Manuel Flores: ?We have to do our part promoting a green marketplace and working with companies that are showing a willingness to invest in our city and doing it in an area where there is real growth potential,? said Flores.Email This Post To a Friend.
West Side Developers Hope to Spur Green Business with Federal and Local Assistance
December 2, 2009
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