Ranquist Development Group has secured a construction loan for its planned 30-unit apartment building with a retail component in Lincoln Park.
CIBC provided the $19 million loan for the six-story building at 521 West Diversey Parkway, records show. Chicago-based Ranquist will also include 3,400 square feet of retail space on the ground floor. The new construction will see 36 parking spaces and a bike room.
The developer bought the vacant parcel in March 2017 for $5.79 million. Ranquist’s plan is moving forward after a previous, larger-scale attempt to develop the property stalled.
Lexington Homes in 2014 sought approval to turn the former Market Place Grocery store site into a 17-story, 78-condo high-rise, but the proposal was abandoned after neighbors voiced concerns over height and density.
Current zoning for the site allows for 84 units, though Ranquist is seeking to build fewer than that. The project received approval from the City Plan Commission in July 2017.
The site just south of the planned Diversey tower is also set to become a new apartment complex.
Chicago-based ZSD Corp. is building a seven-story, 15-unit residential building at 2751 Hampden Court. Condos in the under-construction building went on the market last summer with prices ranging from $1.2 million to $1.7 million, according to Curbed.
Lincoln Park has a number of other apartment projects in the works.
Boston-based Broder development firm secured $21 million in financing last month for its 42-unit luxury apartment development dubbed Norweta Row.
CRM Properties has plans for as many as 500 residential units in a mixed-use project in the Clybourn Corridor, not far from where Structured Development wants to build nearly 200 apartments.