Search
 

Mundelein Center Rehab Key to $85M Loyola Project

CHICAGO-Loyola University will spend more than $62 million renovating a 14-story building at 1012-28 W. Sheridan Rd., once the tallest building in the city. The university could receive up to $20.4 million in tax increment financing for a project that includes work on three residence halls.

By Mark Ruda | Updated on September 13, 2005

CHICAGO-The bulk of a local university’s $85-million redevelopment project will be spent at a building that once was the tallest in the city. The 14-story Mundelein Center building is not located Downtown, but rather nearly eight miles north at 1012-28 W. Sheridan Rd. in the Rogers Park community.

Loyola University could receive up to $20.4 million in tax increment financing for the entire project, which will include work on three residence halls and streetscapes. However, more than $62 million is budgeted for repairing the 76-year-old Mundelein Center, which is on the National Register of Historic Buildings, where 25% of the space is unusable because of its disrepair, says Michelle Dewlen of the department of planning and development.

The tax increment financing proposal, endorsed Tuesday by the community development commission, calls for the university to front-fund the entire project, with reimbursements from the city coming on a “pay as you go” basis, assuming university-owned properties are generating revenue. In addition to its own fund-raising, university officials are considering historic tax credits, says vice president of capital planning Wayne Magdziarz.

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.