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GlobeSt.com UPDATE: Shoe Factory Redevelopment Plan Advances

CHICAGO-Dubin Residential Communities' $56-million project will convert a vacant 250,000-sf industrial loft building into 175 condominiums and create 31,300 sf of new retail space at the southeast corner of Belmont Avenue and Pulaski Road.

By Mark Ruda | Updated on July 25, 2005

(To read more on the multifamily market, click here.)

CHICAGO-The $56-million redevelopment of a former Florsheim Shoe factory on the Northwest Side is another step closer to reality with a recent plan commission endorsement. Dubin Residential Communities Inc.’s request for $8.5 million in tax increment financing was endorsed by the community development commission in June.

Dubin plans to convert the vacant six-story, 250,000-sf industrial loft building at 3963 W. Belmont Ave., owned by Boston-based Iron Mountain Information Management Inc., to 175 condominiums, with 35 going to buyers under the city’s Chicago Partnership for Affordable Neighborhoods program. In addition, a four-story building at 3927 W. Belmont Ave. would be demolished and replaced by two buildings with 31,300 sf of retail space.

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