Developer Tony Rezko’s son proposes West Loop building

https://ift.tt/2TYLJZZ

A rendering of the 19-story building proposed for 1217 W. Washington Blvd.
A rendering of the building proposed for 1217 W. Washington Blvd. | Melrose Ascension Capital

The $95 million project would include apartments and maybe a hotel, but the alderman says community review is needed.

A son of former developer and convicted political insider Antoin “Tony” Rezko has proposed putting up a 19-story building in the West Loop for apartments and perhaps a hotel.

Daniel Rezko, CEO of DAC Developments, wants a zoning change for the project at 1217 W. Washington Blvd. He would join a parade of developers betting that what was Chicago’s hottest construction market before the pandemic will again see demand for new multi-family housing.

Through attorney Michael Ezgur, Rezko filed a zoning application that’s due to be introduced Wednesday to the City Council. Its introduction starts a city review process, including a Chicago Plan Commission hearing, in the weeks ahead.

His proposal calls for up to 288 rental units, although it seeks the option of having a hotel occupy about half the building. His application includes drawings by the Chicago architectural firm Pappageorge Haymes Partners.

Melrose Ascension Capital also is involved in the $95 million project, according to information it posted on its website.

Ald. Walter Burnett Jr. (27th) said Rezko’s plan has yet to be reviewed by community organizations. “Everything is still preliminary,” he said. Ezgur and Rezko could not be reached Tuesday.

The zoning plan proposes a planned development designation for the roughly half-acre empty lot plus buildings on either side of it. The procedure has been used when developers buy air rights from the neighbors, limiting what they can add to those parcels.

One of the neighbors is a three-story office building at 30 N. Racine Ave. whose tenants include the Chicago Sun-Times. The other is a five-story building on Washington Boulevard. The zoning application said no changes would be made to either building.

For his residential units, Rezko has committed that 20% will have rents limited under terms of the city’s affordable housing ordinance.

Rezko’s most notable project in the region has been a $90 million residential and commercial complex that has opened in Wheeling. He wanted to build a 24-story building in Chicago at 808 N. Cleveland Ave. but local groups objected to his proposed hotel there.

His zoning attorney for that project, Edward Kus, said Rezko has reverted to his original plan for residences there but has not started construction.

Rezko’s father has completed prison sentences for business and government corruption schemes that came to light in the federal investigation of former Gov. Rod Blagojevich.

Feeds,News,Region: Chicago,City: Chicago

via Chicago Sun-Times – All https://ift.tt/2xAxGgE

June 22, 2021 at 04:41PM

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s