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CA Ventures, White Oak cleared to build Old Town apartment project
The 261-unit building will rise on the site of the former Father and Son Plaza
CA Ventures and White Oak Realty Partners are cleared to start demolition of the closed Father and Son Plaza to make way for their 261-unit apartment building.
The joint venture of the two Chicago firms last month paid $24.8 million for the plaza at 649 West North Avenue, taking out a $65 million construction loan from PNC Bank, according to Cook County records.
The duo received a building permit last week for the building, which is between 10 and 11 stories. It includes 30,000 square feet of ground floor retail and a 183-space parking garage, according to Curbed. The demolition permit was issued this week.
CA and White Oak first announced plans for the Old Town property in 2016, calling for a 14-story structure with as many as 365 units, according to Curbed. Amid community opposition, the developers scaled back their plans to 11 stories and 293 units. Still, they couldn’t win the support of Alderman Brian Hopkins (2nd).
They returned in January with the current plans, which were the city Plan Commission approved. The $128 million project will provide seven affordable units. The developers will also contribute roughly $2.4 million to Chicago’s affordable housing fund.
The property sits not far from where The Domain Group plans a micro-apartment building on the current site of Sammy’s Red Hots, where CIM Group and Golub & Company are planning a condo project at 1550 North Clark Street and where JAB Real Estate is listing a mixed-use building it developed last year for $25.6 million. [Curbed] — John O’Brien