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This week in Chicagoland real estate: Lincoln Yards, One Central and more

by Corina Munoz

Lincoln Yards passes full city council

Sterling Bay’s $6 billion Lincoln Yards development is finally a done deal. The project has been approved by the full city council by a vote of 33 to 15, after many internal negotiations and public protests. The vote officially allowed the construction of 14.5 million square feet of residential, office and retail space along the North Branch of the Chicago River between Bucktown and Lincoln Park. 

Alderman: One Central mega-development too tall, dense

Third Ward Alderman Pat Dowell announced concerns surrounding the One Central megadevelopment that plans to top the train yard west of Lakeshore Drive and Soldier Field. In a South Loop community meeting, Dowell offered suggestions to developer Landmark Development after viewing a rendering of the project and listening to concerns from Chicago residents. “First and foremost, I agree with the residents’ assessment that the project as presented at the Town Hall meeting as being too dense and the height of the buildings too tall,” Dowell said. 

482-unit development planned for former Cabrini Green site

Hunt Properties and the Imagine Group announced plans to build a 482-unit mixed-income development on land that was once part of the Cabrini Green housing project on the Near North Side. The complex would be comprised of a 21-story building, an eight-story building and two sections of townhomes. It would be built on land owned by the Chicago Housing Authority and be a mix of rentals and for-sale residences.  

 

Humboldt Park building to get TIF funds

City officials have backed a plan to renovate a Humboldt Park single-room occupancy building using tax-increment financing money. The 1152 North Christiana Avenue property hasn’t been updated in the last 25 years and the $3.8 million in TIF money will contribute to its planned $13.4 million in renovations. The building was built in 1995 by the nonprofit housing group LUCHA using tax credits.

Schaumburg entertainment district seeks developer

Trustees of the Village of Schaumburg have endorsed a plan for an entertainment district located on the east side of Meacham Road between the I-90 tollway and Algonquin Road and is now seeking a developer. Schaumburg’s Economic Development Director Matt Frank hopes to receive at least three to five responses after sending requests for proposals to about 20 developers. The 20 acres planned for the project will be between the Schaumburg Convention Center and the Renaissance Hotel.

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