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WAUKEGAN, IL-More than a year after being hailed as one of the most significant projects in the city's history, work is set to begin on a 69-unit condominium building at 50 S. Sheridan Rd. The $26-million building by Libertyville-based Marquette Enterprise Group will include one-bedroom units from $175,000 to 2,400-sf penthouses at $500,000.

The developer recently lined up Rosemont-based McShane Construction Corp. to build a 10-story building, the first in the Marquette Place project, on a 3.3-acre parking lot it acquired from the city for $1. In addition, the city is contributing more than $7 million in tax increment financing to one of the first steps in the far north suburb's Downtown redevelopment plan. Units in the Renaissance style building will have views of Lake Michigan and Waukegan Harbor.

The $85-million Marquette Place project is expected to ultimately include 247 units, as well as retail and office space.