Cook County expects smaller $121 million budget shortfall next year — and no new taxes suntimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from suntimes.com Daily Mail and Mail on Sunday newspapers.
With the loan from the local office of Carmel, Ind.-based Merchants Bank of Indiana, East Lake will move forward with development of the Gateway Apartments at 2050 W. Ogden Ave., which will include one- and two-bedroom workforce housing units geared toward medical workers, students and faculty who work within the IMD, the developer said.
An East Lake spokeswoman declined to disclose the value of the mortgage. But the financing is a key step forward for a project that was mostly stagnant for a half-decade as its previous development team, led by Chicago developer Jack Higgins, struggled to secure financial backing. Higgins sold his stake in the venture early last year to Higginbottom, who obtained permits in July to begin foundation work for the 11-story residential building.
Anderson s firm, Focus, and the owner of the malls, Dallas-based Centennial Real Estate, aim to replicate the symbiosis that exists in cities and in some suburban downtowns. They re betting the apartments will support retail and restaurants, and vice versa.
At Hawthorn, on the site of a former Sears store, they re creating an integrated package with 311 apartments above 52,000 square feet of ground-floor retail space opening out onto new sidewalks and streets. Focus isn t just plopping an apartment building down on a nearby parking lot.
If it works, the apartments will attract both suburban empty nesters and aging millennials who want to leave the city but maybe not completely.
Wild Fork Foods coming to Greektown - Chicago Tribune chicagotribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from chicagotribune.com Daily Mail and Mail on Sunday newspapers.