MCZ, the contract purchaser for the balance of the Edgewater Medical Center site, recently submitted a TIF application for their project. In total, they have asked for $10.7 Million in TIF money to help them complete the project. This number, along with numerous other details of their application, is being analyzed by the City’s Department of Planning. The amount, along with the structure of the financing and other details will all likely need to be negotiated between the City and MCZ. In an effort to keep the community informed, I would like to share the renderings of the project and give a few details. However, it is important to understand that the project is still under review and that MCZ is the contract purchaser, not yet the owner of the site (the estate is currently the owner), so bear in mind this is a proposal, not a finalized project.
MCZ is planning on an apartment complex with 141 units of residential (with no retail component), comprised of 9 studios; 100 one-bedrooms; and 32 2-bedrooms. This is less than the 213 units originally contemplated. As you can see from the images, the developer plans to engage in adaptive re-use of some of the buildings. They believe that this will result in a project with less disruption to the neighborhood during demolition and construction, and a smaller number of units than the originally planned new building. There will be 141 parking spots that will exist inside and outside of the building. The inside spaces will be in the basement and on the first floor, while the outdoor spaces will be along the east side of the building. Twenty-nine of the 141 apartments would be affordable housing as required by ordinance. The architect on the project is Hartshorne Plunkard, a firm experienced in historic preservation. MCZ’s current timeline would be to close on the acquisition of the property by September of 2015, demolition and gut of remaining structure would occur from September of 2015 to March of 2016. Construction would occur from April 2016 to June of 2017. Occupancy would be completed by March of 2018. @properties will support the project.
The proposal also provides that the developer would build out the park and turn it over completed. As things progress with the application, I will continue to keep you informed.
Posted: 6 June 2014
There is currently a contract for the sale of the Edgewater Medical Center property. The Developer who is entering into the contract is MCZ Development.http://www.mczdevelopment.com/
A motion was filed in Bankruptcy Court on May 27th with a Purchase Contract by MCZ asking for court approval of the Contract (they expect approval by the judge). This is a great step toward finally getting the hospital down and a new development in place that adds to the neighborhood. The contract has a contingency related to the reduction of the tax lien that is lodged against the property and the owners’ reps and the Cook County State’s Attorney are attempting to work that out. The attorneys are in talks with the State’s Attorney’s Office now to attempt to reduce the site’s tax liability, and they are hopeful that they will be successful.
We are optimistic that this sale will go through. Developers from MCZ met with the Alderman and plan to develop the site based on the plans that were previously discussed with the community.
As more information becomes available to our office, we will make it available on our website.