Rail Yard Seller Forgoes Industrial Use for $100M Mixed-Use Project

CHICAGO-A $100-million mixed-use development on 50 acres in the Galewood neighborhood will cover three sectors–a construction union training facility, a 14-screen movie theater and 208 residential units. The plan commission last week endorsed the wide-ranging plan for a dormant railroad yard between Laramie and Central avenues, south of the Metra tracks.

Northbrook-based Red Seal Homes will build single-family homes, townhouses and condominiums in three-unit buildings, its first project in the city. Prices will range from $250,000 for the 1,440-sf condominiums, $300,000 for the townhouses and up to $470,000 for single-family homes, according to president and chief executive officer Todd Fishbein.

The residential portion of the development will take up the eastern third of the site. The company’s portfolio includes work on the 550-unit Town of Fort Sheridan, a redevelopment of the decommissioned US Army base on Lake Michigan. Its current development plate includes projects in northwest suburban Deer Park, Mount Prospect and Palatine. In addition, a 60,000-sf, 2,728-seat theater complex will be built on the western end of the development.