The community development commission recently endorsed the $1.2-million land sale, $290,000 more than the city's cost to acquire the property, but the most recent appraised value. While Clovis Investments plans to build the first Downtown parking lot with permeable asphalt and shield it with theater-themed panels, a restaurant is likely to be among the retail tenants.
"I've been keeping my eye on this area for a long time," says Joseph F. Zosky, managing member of Romeoville-based Clovis Investments. His group will spend nearly $6 million to create a 61-space parking lot--nearly $100,000 per space.
If Clovis Investments is unable to launch its mixed-use project, the city has the right to reacquire the site. However, department of planning and development officials will work out an arrangement with the developer protecting the city from a run-up in land prices.
The city council will require that, says 50th Ward Alderman Bernard Stone. "They'll have to sell it back at the same price they're buying it at."
Clovis Investments' development site will be east of 188 W. Randolph St., an office building that will be redeveloped as a multifamily rental property. Farmington Hills, MI-based Village Green Cos. and Everhardt & Nesis Co. bought the 76-year-old building, which has undergone repairs to its exterior since 2001, when terra cotta from the 43-story building fell along Randolph and Wells streets, as well as the Chicago Transit Authority's elevated line.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
