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East Bank Project Now Likely More Than $600M

AURORA, IL-Sho-Deen Inc. has increased the size of its proposed development to 34 acres with up to 2,000 multifamily homes and 225,000 sf of retail.

By Gina Kenny | Updated on March 09, 2007

(To read more on the multifamily market, click here.)

AURORA, IL-Geneva-based developer Sho-Deen Inc. has nearly doubled the scope of its proposed development, to be called East Bank in downtown Aurora. The proposed development now spans 34 acres and includes plans for between 900 and 2,000 new residences, a hotel and up to 225,000 sf of retail and commercial space. The total value of the development will possibly be more than $600 million, company president David Patzelt tells GlobeSt.com.

The proposed development site is bordered by the Fox River to the west, East Benton Street to the north, South Broadway to the east and North Avenue to the south. Last year, plans were presented for more than 1,000 residential units, a hotel and up to 125,000 sf of commercial and retail space on a 27-acre site. The previous value of the project was more than $200 million. Sho-Deen signed a contract six to eight months ago for the additional 7 acres, Patzelt says.

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