MCZ Development lands $27M loan for Edgewater Medical Center rentals
But the developer is still awaiting zoning approval to expand its proposal from 141 to 155 units
MCZ Development secured a $26.7 million loan for its long-delayed plan to convert the vacant Edgewater Medical Center into apartments, but the project is still awaiting zoning approval.
Heartland Bank & Trust provided the financing, according to Cook County property records.
First proposed in 2015, the plan to build 141 apartments and a 78-space parking garage on the site of the vacant building at 5700 North Ashland Avenue hit a snag in 2017, when workers discovered asbestos during demolition, according to Curbed.
In a November 2018 constituent newsletter, Alderman Patrick O’Connor (40th) said the project had been “delayed for almost 300 days” by a handful of neighbors complaining about possible toxic runoff, despite “no dangerous findings” on the site.
The City Council’s Zoning Committee was scheduled to hear a request this month for a zoning change that would allow MCZ to expand its proposal from 141 to 155 units, but the the vote was postponed to a later meeting.
The city’s buildings department has not approved any work on the property since June 2018, when a permit was issued for electrical work, according to city records.
Chicago-based MCZ lists 16 developments around the country in its portfolio, including a Fulton Market complex it co-developed with @properties co-founder Michael Golden. Last year, the firm proposed a new 16-unit condo building in Ukrainian Village.
O’Connor and representatives of MCZ did not immediately respond to requests for comment on Thursday.