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$6M Retail Center To Replace Parking Lot

CHICAGO-A 10,000-sf retail center with rooftop parking will be built at the northeast corner of Western and Rosemont avenues, where the city has operated a 48-space metered parking lot.

By Mark Ruda | Updated on July 12, 2005

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CHICAGO-A city-owned parking lot in the 6300 block of N. Western Avenue will be redeveloped with a 10,000-sf retail center with rooftop parking. The developer, 6301 N. Western LLC, has agreed to pay the city nearly $1.8 million, or $80 per sf, for the 22,122-sf site now occupied by 48 metered parking space.

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.”

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