Farpoint Development wants to build a large rental project on CTA-owned land near the Blue Line in Logan Square, the latest project proposed for the booming neighborhood.
Chicago-based Farpoint won a bidding process for redeveloping the site at 2525 North Kedzie Boulevard, now home to the City Lit bookstore and a parking lot steps from the Blue Line’s Logan Square station, according to Block Club Chicago.
The CTA refused to say how much Farpoint bid on the 43,000-square-foot site, and officials said they are still in the early stage of negotiations with the developer. Some community groups are already opposing it, saying it would add to the gentrification of the neighborhood.
Farpoint’s plans reportedly call for building a 150-unit transit-oriented development, mostly a mix of studios and one-bedroom units with some two-bedrooms.
Farpoint principal Scott Goodman declined to comment on the project to Block Club.
Goodman’s firm is leading the publicly funded overhaul of the Uptown Theatre.
It’s also part of a coalition of developers working with the city on plans for the 100-acre former Michael Reese Hospital on the South Side, one of the locations pitched by the city as a possible location for Amazon’s second North American headquarters.
In pitching the Logan Square apartments, Farpoint is looking for a piece of one of the hottest housing and rental markets in the city.
Other landlords who’ve invested in the neighborhood have drawn the ire of community groups, none more than M. Fishman & Co., which has been at the center of the gentrification debate even though other developers acknowledged they have raised rents as much or more. [Block Club] — John O’Brien