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