Fifield, Terraco cleared to build Logan’s Crossing development

The mixed-used project on the site of the former Mega Mall in Logan Square will be anchored by a Target

TRD CHICAGO /
Jan.January 08, 2019 04:08 PM

Rendering of Logan’s Crossing (Credit: iStock) 

Fifield Companies and Terraco Real Estate were cleared to build the Logan’s Crossing development, the latest project in one of the city’s hottest residential neighborhoods.

The city granted Chicago-based Fifield and Wilmette-based Terraco a full building permit for the project at 2500 North Milwaukee Avenue in Logan Square, according to Curbed.

Plans call for 220 luxury apartments and 67,000 square feet of commercial space across two buildings, connected by a skybridge, on the site of the former Discount Mega Mall.

Fifield last summer secured a $67.5 million construction loan from Fifth Third Bank for the project about a week after breaking ground on it.

The firm a week earlier paid about $13.6 million to acquire the property from Terraco and Marc Realty, who had jointly bought it from Kyun Hee Park for $8.9 million in September 2014, according to property records. Terraco remained on as a minority partner.

A 27,400-square-foot “small-format” Target store will anchor the project.

The median price of a single-family home in Logan Square rose more than 19 percent in the third quarter of last year, even as the market in other neighborhoods slowed. Rents have been on the rise as well, putting the neighborhood at the epicenter of a growing debate over allowing rent control in Illinois. [Curbed] — John O’Brien


Related Articles

arrow_forward_ios
Don Thompson and 212 North Canal Street (Credit: Cleveland Avenue, Google Maps)

VC firm led by ex-McDonald’s chief buys River West office building

Governor of Illinois J. B. Pritzker (Credit: Joshua Lott/Getty Images)

State offers lifeline to devastated hospitality industry

Founder, President and CEO of Oxford Capital Group John Rutledge with Hotel Felix and Hotel Julian (Credit: Oxford Capital Group, Hotel Felix and Google Maps)

Oxford Capital designates 5 of its Chicago hotels for coronavirus housing program

The 21c Museum Hotel at 55 E Ontario Street and the Hilton at 720 S. Michigan Avenue (Credit: Google Maps)

More hotels fall victim to coronavirus pandemic

Illinois Gov. J.B. Pritzker with Jimmy Choo and Disney in Magnificent Mile (Credit: Lt. Col. Bradford Leighton via Wikipedia Commons, Google Maps)

Protected with plywood: Retailers board up shops along Mag Mile

Gov. J.B. Pritzker (Credit: (Photo by Scott Olson/Getty Images)

As clock ticks on small businesses, Chicago offer loan lifeline

Governor J.B. Pritzker (Credit: Joshua Lott/Getty Images)

Chicago’s gyms, movie theaters, bowling alleys prepare for severe restrictions

From left: Cushman & Wakefield broker Greg Kirsch, Stone Real Estate broker John Vance and Marcus & Millichap broker Mitchell Kiven (Credit: Cushman & Wakefield, Stone Real Estate, Marcus & Millichap and Getty Images)

Chicago retail brokers talk rent reductions in the age of coronavirus

arrow_forward_ios
Loading...