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Plans Changed for $50M Mixed-Use in Ravenswood

CHICAGO-The Taxman Corp. is putting in 127,000 square feet of retail, including a Mariano’s grocery, though Magellan Development will no longer participate in the rental housing portion.

By Robert Carr | Updated on December 15, 2011

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.

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