The $6-million project will create 74 parking spaces, 10 of them reserved for the five tenants who will likely pay rents ranging from $25 per sf to $30 per sf. "This one is a win-win situation for my community," says 49th Ward Alderman Bernard Stone. "It's the beginning of additional economic development in this area, which has been underdeveloped in the past."

Although a restaurant is among the possible tenants, the developers are looking for service-oriented businesses, says Michael Emerson of VOA Associates, architects for the project. The design includes building up to the lot lines along Western Avenue as well as Rosemont Avenue, he tells the community development commission Tuesday, as well as a building with 16-foot ceilings. In addition to planting 12 trees along the 204 feet of parkway along Western Avenue, the design includes a water retention system on the environmental "green roof," allowing rain water to be recycled.

The developer has agreed to pay the appraised value of the parking lot, says department of planning and development project manager Chris Jang. The land sale was endorsed by the community development commission.