14 January 2010 ? The Jazz Age building, located at 188 W. Randolph has been hidden behind nets and scaffolding for so long now that many have forgotten the beauty of its elaborate facade. Village Green, an apartment developer, purchased the property out of bankruptcy in 2005 for $10 million and have since made some preliminary repairs and erected the scaffolding to protect pedestrians. The $140 million project was halted when banks pulled out of the deal in late 2008. The developer is now looking for public financing to restart the renovation and convert the office building to 310 apartments with commercial space on the lower level. Village Green plans to occupy the commercial space with its Chicago regional office, and 20% of the apartments would be set aside at below-market rents available to families earning 50% or less of the City’s median income. Village Green has requested the Illinois Housing Development Authority to issue tax-free bonds on its behalf, and the City Council is considering re-establishing a TIF district that had previously lapsed.Email This Post To a Friend.
Historical Building Still in Renovation Limbo
January 14, 2010
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