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Alliance Banks On North Kenwood-Oakland Site

CHICAGO-Los Angeles-based Alliance Property Group Inc. plans a 114-unit condominium and townhouse project, which could be worth nearly $40 million, for the northwest corner of East 47th Street and South Drexel Boulevard.

By Mark Ruda | Updated on September 21, 2005

CHICAGO-Los Angeles-based Alliance Property Group Inc. has chosen the North Kenwood-Oakland community as the site of its first project here, which ultimately could be worth nearly $40 million. The affordable multifamily developer is buying a former bank and office building on the northwest corner of East 47th Street and South Drexel Boulevard, with plans of replacing it with a 110-unit condominium building with four townhouses on the 1.2-acre site.

The one-, two- and three-bedroom units will range from the low $200,000 neighborhood to the $400,000 level, and average about $350,000, Alliance Property Group president Danielle M. Taef tells GlobeSt.com. However, Alliance Property Group is setting aside 15% of the units to buyers qualifying under the city’s affordable housing initiative. Her company hopes to start marketing units early next year, with completion scheduled in the late summer of 2007. “We believe Chicago represents a viable market and development opportunity,” Taef adds.

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