CHICAGO-Magellan Development Group has pulled out of a $50 million mixed-use retail/residential project here in the Ravenswood neighborhood, at the corner of Lawrence and Ravenswood avenues. The firm had planned an 11-story multifamily building along with about 127,000 square feet of retail, but the community has rejected the tall facility.
Seymour Taxman, head of the Taxman Corp., is leading the retail portion, which is going strong. A 55,000-square-foot Mariano’s Fresh Market is still on track to anchor the retail, Taxman tells GlobeSt.com, with the balance of the retail spoken for. “We expect to be working with the city this week on the paperwork,” Taxman says.
He says another former partner on the project, Sierra Group Inc., has stayed on, and two new investors, Tim Barrett and Gene Porto, have been added. Sears also has a stake, as it owns the property.
Taxman says he’s not involved in the residential, which has been changed to 160 units in three-story buildings in the current Sears parking lot, with about 10% being affordable housing. Alderman Ameya Pawar is leading resident interest meetings about the project, with another meeting planned for tonight at 6:30 p.m. at McPherson Elementary School.
The Mariano’s market will be a top-of-the-line grocery store for the neighborhood, something that’s not been in question, Taxman says. “In my 45 years in the business, I’ve never experienced a store like this. It’s great foods and great customer service,” says. Mariano’s is part of the Milwaukee-based Roundy’s chain, which recently filed to create an IPO.
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