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

Chicago /
Feb.February 01, 2019 11:00 AM

A rendering of the apartments at 5700 North Ashland Avenue (Credit: MCZ Development)

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.

A rendering of the apartments at 5700 North Ashland Avenue (Credit: MCZ Development)

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.


Related Articles

arrow_forward_ios
Port of Chicago (BartShore/Wikipedia, iStock)
Big development opportunity on tap at Port of Chicago
Big development opportunity on tap at Port of Chicago
Amita CEO Keith Parrott and the Amita Health’s Lisle headquarters at 2601 Navistar Drive in Lisle (Amita, Google Maps)
Amita Health adds to wave of suburban office subleases
Amita Health adds to wave of suburban office subleases
From left: DL3 Realty’s Leon Walker, Discover’s Roger Hochschild, Mayor Lori Lightfoot, and 8560 South Cottage Grove Avenue. (DL3, Discover, Getty, Google Maps)
DL3 Realty signs Discover to big South Side lease
DL3 Realty signs Discover to big South Side lease
Blackstone’s Jonathan Gray and CenterPoint CIO Jim Clewlow with one of the properties, 225 Spring Lake Drive, Itasca (Getty, Linkedin, Google Maps)
Blackstone expands industrial reach with $151M Chicago buy
Blackstone expands industrial reach with $151M Chicago buy
(Arlington Park, Google Maps)
Churchill Downs looks to sell 326-acre Arlington Park race track
Churchill Downs looks to sell 326-acre Arlington Park race track
Chicago this week raised indoor dining to 40% of a venue's capacity. (iStock)
Filling up: Chicago boosts indoor dining capacity
Filling up: Chicago boosts indoor dining capacity
Photo illustration of the Silver Lake Country Club (Silver Lake CC, iStock/Illustration by Kevin Rebong for TRD)
Orland Park golf club hits market as residential redevelopment
Orland Park golf club hits market as residential redevelopment
Sterling Bay CEO Andy Gloor and Prudential Plaza (Getty)
Sterling Bay sues Tribune over $5M in skipped rent
Sterling Bay sues Tribune over $5M in skipped rent
arrow_forward_ios

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

Loading...