A development venture led by the son of convicted political power broker Tony Rezko bought a vacant lot next to the Cabrini-Green public housing complex for $13.7 million in the Near North Side to build a 22-story mixed-use development.
The 808 Development LLC bought properties on 460, 466 and 470 West Chicago Avenue on September 17, Cook County property records show. The seller is RH Chicago LLC. DAC Developments is a managing partner of The 808 Development LLC.
DAC Developments said the company is building a 200-unit multifamily project on 808 North Cleveland Avenue in the Near North Side, the site of the three parcels it purchased last month. The building also plans 7,500 square feet of retail space on the ground floor and 20,000 square feet of offices on the fourth and fifth floors. Pappageorge Haymes Partners is the design architect for the project.
The development broke ground last week and is expected to be completed by November 2022, according to Pappageorge Haymes Partners.
The building is located near the Chicago River and the 1.65 million-square-foot 600 West Chicago building, where tenants include Groupon, the Big Ten Network and Echo Global Logistics.
The company’s website shows four additional projects including a 321-unit luxury apartment in Wheeling and a 212-unit luxury unit project near the Des Plaines Metra Station. The first project, 1509 Western Avenue located in Wicker Park is an 18-unit rental building consisting of one and two bedrooms.
DAC Developments is led by Daniel Rezko, whose father Tony Rezko was convicted in 2008 on 16 counts of fraud, bribery and money laundering crimes while working for disgraced Governor Rod Blagojevich. Tony Rezko also was a Chicago fundraiser for former President Barack Obama.
Tony Rezko is involved with the firm’s development projects, but has no ownership interest in the company, Crain’s reported.