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Developers Back Mixed-Income Projects

CHICAGO-Richard A. Hanson and Charles H. Shaw are known more for their Downtown high-end condominium projects, but the two developers also are involved in separate mixed-income developments on the South and West sides.

By Mark Ruda | Updated on December 21, 2001

CHICAGO-Two local developers known more for their high-end condominium projects also display strong interests in separate mixed-income developments on the South and West Sides. Those interests were reaffirmed at a recent Lambda Alpha International and Real Estate Investment Association symposium.

Charles H. Shaw, whose first development here was Lake Point Tower, has equally strong feelings when talking about Homan Square, a mixed-income residential project planned for the former Sears Roebuck & Co. in the depressed Lawndale neighborhood. For Richard A. Hanson, whose 356-unit Heritage at Millennium Park will soon begin rising at Wabash Avenue and Randolph Street, another pet project is redevelopment of the Chicago Housing Authority’s Stateway Gardens.

Developing Homan Square is as important as Shaw’s $185-million makeover of Conrad Hilton Hotel, which he says helped spark the current South Loop renaissance. “Homan Square will do the same thing on the West Side of Chicago,” Shaw says. “Mixed-income housing is critical.”

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