Primestor reports high population density in the area, with more than 54,000 people in a one-mile radius of the development. The company said the shopping center development will be in the commercial center of the Latino community, where the average household income is around $45,000, according to Primestor. The one-, two-, and three-bedroom rental apartments will reportedly range in size from 600 sf to 1,200 feet, with asking rents ranging from $650 to $900 per month.
Salcido refused to comment on a timeline for completion of the project. Construction reportedly entails demolition of one of the two buildings now on the site, and a rehab of the other building, a vacant warehouse dating back to the 1920s. Chicago's Community Development Commission recently approved nearly $25 million in TIF funds for the project, according to reports.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
