October 28, 2008 – Hyde Park could be the site of another distinctive building from developer Antheus Capital LLC and designed by architect Jeanne Gang, who is probably best known for Solstice on the Park. Antheus purchased the 2.5 acre site some time ago with the intention of constructing 150 Chicago condos plus retail and office space in a 22 story high-rise along with a mid rise. The only possible hold up, pending city approval of the project, is that the 5101 South Harper site is currently occupied by the Village Center mall and the Village Foods grocery story has refused to sell out their lease, according to a Sun Times article.

The Village Center mall has been at that location since the 1960s and Hyde Park has been one neighborhood that hasn’t seen the same construction boom that other areas have. The article stated that Antheus is the largest property owner in the neighborhood, behind the U of C and that the company is financially able to fund construction projects even when other Chicago real estate developers are having a difficult time obtaining funding.

The proposed project includes the 22 story high-rise plus a mid rise building that will be joined by parking space for more than 500 cars as well as 116,000 square feet of retail and potential office space. The 150 condos would be situated in the high-rise, and one unique feature will be sunscreens on the windows that residents will be able to open or close themselves, giving the building a constantly changing surface appearance.

Hyde Park residents have been supportive of the proposal, and if the zoning change is approved then the ball will be rolling for final approval for demolition of the mall and construction of the new development. The project would have to be put up in stages if Village Foods sticks to its resolve to ride out their lease, but Antheus isn’t deterred by that. If a developer has the support of residents of one of the Chicago Neighborhoods where he intends to build, it’s a win-win for both sides.

[tags]Hyde Park, Chicago condos, Chicago real estate[/tags]

This entry was posted on Tuesday, October 28th, 2008 at 12:29 pm and is filed under Uncategorized.