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Construction to Begin on $400M Loyola Station

CHICAGO-Construction is expected to begin this spring on the first phase of the mixed-use project, while the university seeks proposals for the second phase by April 27.

By Gina Kenny | Updated on March 14, 2007

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CHICAGO-McCaffery Interests Inc., based here, expects to break ground this spring on the first phase of Loyola Station, while work on a second phase will likely begin next year. The project is adjacent to Loyola University, in Chicago’s Rogers Park neighborhood. The $400 million development will be built on 5.4 acres and is expected to have up to 60,000 sf of retail, 400 residences and 600 parking spaces. The area is part of a tax increment financing district.

The land is now used for surface parking, says Jennifer Clark, Loyola University’s director of community relations. A focus group conducted with students found that they were leaving the area for all of their shopping and entertainment. Clark says the goal is for Loyola Station to bring retail and other uses to the site that will be beneficial to both the students and the surrounding community. “I believe that this project is really going to jumpstart commercial development along Sheridan Road and Devon Avenue,” Clark says.

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