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

TRD CHICAGO /
Jan.January 17, 2019 09:00 AM

Structured’s J. Michael Drew and 1457 North Halsted Street

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

 

Related Articles

arrow_forward_ios
Cook County Assessor Fritz Kaegi and downtown Evanston

Cook County landlords get bad news about 2020 taxes

Cook County landlords get bad news about 2020 taxes
Rendering of Drake Group’s site in Glenview (corner of Glenview Road and Pine) (Credit: Drake Group via Crains)

Five-story apartment complex would create shadows, so we’re suing: Glenview neighbors

Five-story apartment complex would create shadows, so we’re suing: Glenview neighbors
Twice-convicted felon John Thomas and the former Sherman Hospital in Elgin (Credit: Google Maps)

Ex-con developer who bought Elgin hospital in line for big payday

Ex-con developer who bought Elgin hospital in line for big payday
Joe Sitt and 905 W. Fulton Market (Credit: Thor Equities)

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Ald. Walter Burnett (27th)

Alderman Burnett to lift ban on resi development in Fulton Market

Alderman Burnett to lift ban on resi development in Fulton Market
Amazon CEO Jeff Bezos with 4306 120th Ave. in Kenosha and 23700 W. Bluff Road in Channahon (Credit: Getty Images; Google Maps)

Amazon is at it again in Chicago

Amazon is at it again in Chicago
John Murphy, head of Murphy Development Group and a rendering of 8000 N. Lincoln Ave. (Credit: Murphy Development; rendering via Lucien Lagrange)

In this market, a good construction loan is hard to find

In this market, a good construction loan is hard to find
Hines’ Greg Van Schaack and Jeff Hines and Salesforce Tower

Amidst the chaos, Hines just locked down one of the fattest construction loans in Chicago history

Amidst the chaos, Hines just locked down one of the fattest construction loans in Chicago history
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...