Developer ZOM Living has taken out a $92 million mortgage from Union Labor Life Insurance Company for a large residential development at 939 West Washington Boulevard.
The loan closed in February, according to records.
In March, the city granted the Florida-based developer a demolition permit, and last week it approved a construction permit for the start of foundation work.
It’s ZOM’s first development project in the Chicago market.
The developers scaled back the project after community meetings in 2016 and 2017. It had been planned to include 442 units over three buildings of 19, 17 and eight stories. Plans now call for two 15-story towers atop a three-story podium.
ZOM’s Andrew Cretal said the project will be developed solely by ZOM, noting that a joint venture with Houston-based Verde Communities has dissolved.
“They decided not to move forward and we remain friends,” he said, declining to discuss the dissolution further.
The total unit count will be 358, and Chicago Architecture has reported the development will have a total of 13,700 square feet of retail.
The area is among the hotspots for new development in the city, especially for residential projects. A block east of 939 West Washington, Taris Real Estate recently landed a $23 million loan for its high-end, 22-unit condo development at 900 West Washington. A $5.6 million penthouse in that building set a record for the neighborhood when it entered contract last year.
Union Life Insurance did not immediately respond to requests for comment.