July 18, 2008 - Antheus Capital along with Studio Gang Architects , of Aqua and Solstice on the Park design fame, are planning an ambitious development in Hyde Park. They want to redevelop the Village Center mall into a fresh residential and retail complex. The proposal centers around a 24 story contemporary high-rise that would contain roughly 116,000 square feet of retail space framed by a glass storefront, according to an article in the Hyde Park Herald.

The design of this mixed-use project would place retail shops along Lake Park Avenue, Hyde Park Boulevard and Harper Avenue in an effort to bolster the night life and economics of the neighborhood. The retail portion is vital to both the approval of the development by the planning commission and the overall success of the project. In the article, Chicago real estate Developer Antheus told the TIF council that he believed the project was viable even in the slow Chicago condo market because retailers would be willing to locate in the new 2.5 acre spot and be a part of a larger retail section. Antheus did confirm that Original Pancake House will locate there and serve customers later.

There will be parking for 519 cars to accommodate residents and shoppers. The spaces will be situated in three levels; one below ground and two above on floors three and four. The building will house 170 condos with from one to four bedrooms. The project hopes to gain LEED certification.

If all goes according to plan, work will begin in late 2009. Nearly all of the current retailers located in the mall have agreed to vacate early to make way for the new building. The lone exception is Village Foods, and if they intend to stay until their lease is up then the development will be constructed in two phases. So far, the reaction to this development has been positive, and gaining the support of local residents is vital for a project to be successful in any of the Chicago Neighborhoods.

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This entry was posted on Friday, July 18th, 2008 at 12:10 pm and is filed under Luxury Condos(t) , News(t) . You can leave a response.