Search
 

Developer Plans 48 Condos for Lake Park Ave. Site

CHICAGO-The plan commission endorses an $18-million project for a 33,000-sf vacant lot, which has become a rarity in the Kenwood-Oakland community, where zoning could allow up to 83 units.

By Mark Ruda | Updated on August 29, 2005

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

CHICAGO-A 33,000-sf vacant lot, now a rarity in the Kenwood-Oakland community, will be the site of a 48-unit condominium project. Developer John Deneen hopes to begin construction by the end of the year at 4639 S. Lake Park Ave., with completion scheduled for late 2006 or 2007, partner Robert B. Ryan tells GlobeSt.com.

Deneen’s $18-million project was recently endorsed by the plan commission, even though it is much smaller than allowed under current RM5 zoning. Deneen could have built 83 units, according to the department of planning and development. The project requires a plan commission recommendation because its location, one block west of Burnham Park and Lake Shore Drive, falls under the city’s lakefront protection ordinance.

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.