The project won a recent endorsement from the plan commission, which is allowing 70% more density on the 32,335-sf than allowed under current zoning. The Oak Brook-based developers are getting bonuses for renovating the 118,437-sf Bowne building as well as contributing $1.2 million to the city's affordable housing fund.

Although it is not on the list of the city's designated landmarks, the 80-year-old Bowne building is worth saving, says 42nd Ward Alderman Burton Natarus. Preserving the building for retail and office space means it will be taxed at 38% of the assessor's market value, Natarus notes, rather than 16% for residential property, including condominiums. "If a developer wanted to, they could've torn down that building," he says. "This is a building that isn't a landmark, but should be preserved."

Woodlawn Development's Sam Persico tells GlobeSt.com he hopes construction can begin early next year. The project will take 22 months to complete. Condominiums, which will include a mix of one- and two-bedroom units, will likely go on the market at $325 per sf, Persico says. His group is working on arranging financing.