The third phase, expected to be completed in 2007, will add 60,000 sf of retail space as well as 112 condominiums. PRC Partners, LLC, a joint venture between Oakbrook Terrace-based Mid-America AssetManagement, Inc., Edward. R. James Homes of Glenview and Valenti Builders, Inc. of Northbrook is developing The Residences and The Shops of Uptown Park Ridge on 5.8 acres on the north side of Touhy Avenue, between Northwest and Busse highways.
PRC Partners is paying the city $9.5 million for the site, which formerly was the home for a car dealership as well as a municipal reservoir. The city paid $5.3 million for the former Bredemann car dealership and is adding $16.8 million for infrastructure, including parking.
Nineteen of the first 24 units, ranging from $590,000 to $640,000, have been pre-sold. All 51 lofts have been sold, according to the developers.
The three-mile trade area has a population of 154,756 as well as an average household income of $74,881, according to Mid-America AssetManagement.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
