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Theater District Getting More Parking

CHICAGO-A 61-space parking lot at 174 W. Randolph St. is an interim use, as Clovis Investments, LLC plans to build a mixed-use project there as well as two neighboring properties.

By Mark Ruda | Updated on September 23, 2005

CHICAGO-The city is selling a five-story building at 174 W. Randolph St. to Clovis Investments, LLC, which will demolish the building and use the 14,578 sf as a parking lot for up to five years. However, the developer is expected to begin work before then on a mixed-use project involving that property as well as two neighboring sites it already owns.

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.

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