Subject: RE: Fannie Mae Site Development
From: Stankos, Brian (bstankos@CANNONDESIGN.COM)
Date: Fri Mar 14 2008 - 08:49:12 CST
Jason did a good job summarizing the items from the meeting. Below are
some notes I have:
* Project is expected to be delivered in 2010
* The rental tower will be constructed with the retail project.
The condo tower will be constructed at a later date when market
conditions improve.
* The residential towers will be 227 feet in height.
* Residential units will vary from 800 to 1440 SF selling for
around $335/SF.
* The developer is not seeking any city financial assistance in
the project.
* 10% of the residential units will be "affordable," in order to
meet the zoning requirements. No CHA or low-income housing is proposed.
* The fitness center will be 24 hours access.
* Truck access to the internal loading dock is through the alley
behind the Shell gas station.
* A parking study is underway for the west loop to review parking
needs. Street parking and metered parking were not addressed at the
meeting.
A reporter for the Chicago Journal was present at the meeting. The
story most likely will appear in their publication next Wednesday.
www.chicagojournal.com <http://www.chicagojournal.com/>
* Alderman Fioretti also mentioned that the paint store on Racine
and Jackson is going to have their lease revoked and either a restaurant
or other retail will take its place.
________________________________
From: Jason Wolf [mailto:jaydubb12@gmail.com]
Sent: Friday, March 14, 2008 8:48 AM
To: vanguard-talk@venus.soci.niu.edu
Cc: Condo Board
Subject: Re: Fannie Mae Site Development
Good morning.
Brian Stankos and I attended the meeting on the board's behalf.
Below are some bullet points from the meeting.
Project Status: The demolishment is 80% complete. The next steps for
the developer are to finalize the plans and apply to rezone the area
from Mfg. to mixed use. This process is thought to take from 5 -10
months from filing date. A date has not be set to file
Design: The new plans call for 2 21 story towers on Jackson (one
rental, one condo) with boutique style retail along Jackson. The areas
could be sized to include small to medium sized restaurants. No taverns
/ bars will be part of the development. The only liquor liscences with
will be granted are mixed use (Incendental 80% food, 20% liquor) The
signed tenants are still X-Sport and Sundance. Sundance will have a
restaurant that will serve liquor. The are estimateing 370 residential
units and about 280,000 square feet of retail beyond X-sport and
Sundance. The parking will have around 1300 spots and a contained
loading dock so trucks will not be double parking on Jackson or
VanBuren.
Community Reaction: Most are for the development. A few still have
issues with the towers, but given they will not block anyone's view the
most noticable factor will be its height and materials given the West
loop is mostly brick and low - mid-rise. The are using a 50% green roof
for the project, brink / masonry on Jackson and metal and glass on Van
Buren
Notable Notes:
*The project is expetcted to bring in around 4 million / year in taxes
(property and sales)
*The alderman is workig on a Costco for the area around Ashland (South
of 1250 I believe). He is also woring on building up the area around
the United Center and working with a Bennigans and other development
around Damon and Western.
In summary those are most of the talking points we heard.
Regards,
Jason Wolf
On 3/13/08, Marty Platten <martyplatten@gmail.com> wrote:
Just curious to know if anyone attended the community meeting held by
the
alderman (Fioretti) tonight concerning the Fannie Mae site development.
If
so, was there anything new or interesting to report? Thanks.
Marty
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