In a sprawling development that’s slated to be a major residential and retail building, a new residential reit has opened up in the downtown area of Chicago, with the goal of creating thousands of new units in a city of over 1 million people.
The project, known as “The Old City”, will be a mixed-use complex with the intention of bringing together a number of different kinds of uses, including offices, residences, retail, and even an urban farm.
The complex, located at the intersection of Michigan Avenue and West Dearborn Street, is expected to be completed in 2019.
The first phase of the project includes a large mixed-income development with 1,500 units that will include apartments, townhouses, and a hotel.
The new development is slated to include a grocery store, a restaurant, and other businesses.
“We are making a new development that brings together a variety of different uses that will be connected to the revitalization of the downtown and to the downtown’s character,” said James E. McNeil, the developer of the redevelopment.
“This is a mixed use, mixed-rural, mixed income development.
It will bring a lot of people to the area, a lot more people to Downtown Chicago, and more people coming to the city.”
The project is expected at the site of the old Old City apartments and the proposed new residential development.
The residential project is located near the intersection with Michigan Avenue between Dearborn and Chicago Streets.
The redevelopment is expected in conjunction with a number other developments that will occur in the area.
The developers have announced that the project will include a total of 1,700 residential units and 1,800 retail units.
The total number of units will be 1,400, the amount that the current Old City project is currently providing.
According to the developers, the total project cost is expected be in the neighborhood of $300 million.
The Old City has been a long-time dream of many developers in the city of Chicago.
For years, the plan to build the project in downtown Chicago was met with opposition from residents and residents’ organizations, who feared that the development would be too expensive.
The development is currently in the early stages of construction, and it is not known if the development will actually begin construction in 2019 or 2020.
The announcement came just one day after the mayor of Chicago announced that he is asking for $1 billion in city money to create new affordable housing.
The city is planning to use the money to add thousands of housing units and a variety and types of social services in the neighborhoods that will come with the new housing.
“The City is committed to providing a large and vibrant downtown and working with community leaders and the private sector to ensure that the new development delivers on its promises,” Mayor Rahm Emanuel said.
“I am calling on you to help fund a significant new residential project in Downtown Chicago that will bring more people and economic vitality to the heart of Chicago.”
The mayor’s announcement came less than a week after the Chicago Tribune published a lengthy article about the proposal to build an apartment complex near the site where the old buildings are located.
“It was a nightmare to find a site for the project, but it’s a dream to see the project move forward,” said Joe Riggs, the chairman of the Old City’s board of directors.
“There’s no doubt the project has the potential to be one of the biggest new projects of the last 20 years.
The City and developers will need to find other sites for these buildings.
And I want to assure you, we’re not taking this lightly.
The community has been very vocal, and the mayor has been working with a lot on this.
I hope the project moves forward.”
In the latest development, developer Joe Gaudreau and his team recently completed a $3 million public-private partnership with the city to build a new housing development in the Old Town.
The building will be an addition to the existing Old City Apartments at 434 N. Michigan Ave., which opened in November 2016.
The planned new building will have an additional 1,200 units that includes a grocery and a café.
The developer hopes to open the development in 2018.
A recent development in Chicago has also been underway to add 400 rental units to the neighborhood, but that project was never officially approved by the city.
“Our goal is to be the first developer in Chicago to create 400 rental apartments in the historic Old City,” said Emanuella D’Alessandro, the president and CEO of the Chicago Urban Development Corp. (CUDC).
“This project is our way of creating 200 more units of affordable housing in this neighborhood, and we’re working very closely with the CUDC to make sure we get it done.”
The developers said that they are currently working on other projects to add to the total of units in the development.