Search
 

Sterling Park Plans 1,200 More Units for Homan Square

CHICAGO-Three buildings in the former Sears, Roebuck & Co. campus in North Lawndale will be converted to 637 homes, which could include both rental and for-sale units. Sterling Park LLC's $200-million project also includes 467 units in three new buildings, a 75-unit senior assisted-living facility and 21 townhouses.

By Mark Ruda | Updated on May 20, 2005

CHICAGO-Details of the plan are in flux, but the Homan Square area will get another 1,200 residential units over the next five years. The $200-million project includes a mix of rental and for-sale units, many of them in three current buildings formerly used by Sears, Roebuck & Co. and its Allstate Insurance Co.

The five-story Sears administration building, six-story MDL building and 10-story Allstate building total about one million sf in the 3200 and 3300 blocks of W. Arthington and Polk streets. Plans by Royal Imperial Development’s Sterling Park LLC, which acquired the 12.6 acres from Shaw Co., include 637 units in those buildings, another 467 in three new 14-story buildings, a 75-unit senior assisted-living facility and 21 townhouses.

Previous plans called for the buildings to be converted to office, commercial or manufacturing uses, but market forces made that unfeasible, suggests Fred Deters of the department of planning and development. Already, 500 residential units have been created in the Homan Square redevelopment project, along with community centers and a 1.7-acre park.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.