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Structured Development selling Cabrini-Green-area apartment building
The firm is looking to cash out of one project while continuing to redevelop area around the former public housing complex
Structured Development listed an apartment building in the former Cabrini-Green area, as it turns its attention to other projects.
The Chicago developer hired Eastdil Secured to market the 199-unit Residences at New City at 1457 North Halsted Street, according to Crain’s. Structured founder J. Michael Drew said he expects the 16-story building to sell for a price in line with what other Downtown luxury rental projects sold for lately, which could work out to more than $90 million.
Structured built the massive New City mixed-use project in 2015 on the northern end of the Cabrini-Green neighborhood.
It is now developing the Shops at Big Deahl complex nearby. The developer also plans to build a 197-unit apartment complex on the current site of the nonprofit Menomonee Club community center at 1535 North Dayton Street, and in exchange will build a 50,000-square-foot center for the club at Shops at Big Deahl.
The projects are part of a continuing redevelopment of the area in and around the former public housing complex, which was torn down between 1995 and 2011.
Holsten Real Estate Development just this week went before a city panel seeking $12 million in tax increment financing for a 134-unit apartment project in the area, which would join an 88-unit townhome complex that Holsten is building nearby. [Crain’s] — John O’Brien