Belgravia Group officially closed on a deal to buy the land for its Triangle Square apartment and condominium project, paying $21.8 million for the property on the Bucktown-Lincoln Park border.
Belgravia’s $200 million project calls for three buildings on the 4.1-acre property. One seven-story building will include 300 apartments with ground-floor retail. It will stand across from another seven-story condo building with 66 units, as well as a two-story complex with small offices above retail.
The project is set to kick off with construction of the condo portion in the summer.
Belgravia and a venture of Lennar Corporation this month bought the two parcels that make up the development site, according to Cook County records. The seller is a venture of Fred Eychaner’s Newsweb Corporation.
The site is just outside the Milwaukee-area Affordability Requirements Ordinance pilot zone created last year,meaning it can avoid having to include 15 percent affordable units on site.
Instead, Belgravia will honor the city’s 2015 affordability ordinance by including nine affordable units on site and paying about $3.5 million into the city’s Affordable Housing Opportunity Fund, company officials said when the project was approved.
City leaders laid the groundwork last year for projects like Belgravia’s when they passed a mass rezoning of the 760-acre North Branch Corridor, inviting residential and commercial developers to build on former industrial sites along the river.
Belgravia lists dozens of properties in its portfolio across the city, and its 50-unit Renelle on the River condo building is set to open early next year.