Reinsdorf-backed firm eyes apartment project in far north suburb 

A firm backed by Jerry Reinsdorf, the owner of the Chicago Bulls and White Sox, is set to unveil plans for a 91-unit apartment building in Libertyville’s downtown. 

Seeking informal feedback from village officials, Michigan Avenue Real Estate Group will present its proposal for the 2.4-acre site, at the northeast corner of Lake Street and Brainerd Avenue adjacent to the Metra station, the Daily Herald reported. 

The proposed U-shaped building footprint would replace four houses along Lake Street and other structures along Brainerd Avenue. 

“It’s a very prime parcel here in the downtown,” John Spoden, Libertyville’s community development director, told the outlet. “That’s why they wanted to get feedback before they go through the development process.”

The developer wants to construct a four-story building, exceeding the three stories allowed by right. While zoning allows for residential use above first-floor commercial spaces, the development would require adjustments due to its scale. 

Parking provisions are also a point of contention, with the proposal falling short of the mandated 180 spaces, offering about 130. In addition, an undisclosed land contribution is suggested, raising questions about its impact on commuter parking and Brainerd Avenue.

Notably, the developer’s plan excludes a portion of the property housing Birdy’s Coffee House & Little Kitchen.

The village commissioned a traffic study to predict potential impacts of ongoing and future developments in the vicinity.

The project comes amid broader redevelopment opportunities in the area, including the recent listing of Liberty Plaza for $7.2 million, which offers substantial frontage on Milwaukee Avenue, Lake Street and Brainerd Avenue.

Earlier this year, Michigan Avenue Real Estate Group sold the 52-unit Adams Laflin Place apartments in Chicago’s West Loop for $18.5 million. That transaction followed its nearly $18 million sale of the 47-unit apartment complex at 33 South Ashland Avenue, near the United Center, where the Bulls play. Breneman Capital was the buyer of both properties.

—Quinn Donoghue 

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