Village Green plans for a $141M apartment conversion in a historic Loop building!
Posted by ChicagoismynewBlog! on July 10, 2009
This article from ChicagoRealEstateDaily.com, talks about an upcoming apartment conversion from Village Greenin the historic Gothic Revival office building, located at 188 W. Randolph Street, in the Loop. This 45 story building served as office space but became obsolete and went into terrible disrepair. As recent as a few years ago, pieces of terra cotta facade from the tower portion of the building dislodged and fell to the street below…not good. Since then, much of the tower has been covered to prevent more from falling.
When open, the building will be named Randolph Tower City Apartments and judging from other Village Green properties, including MDA Chicago City Apartments and the Fisher Building, this new building will be amazing when complete. Because of the major overhaul needed, and the lack of available financing, Village Green is looking to the City of Chicago to provide TIF financing for this project.
According to the article, there will be 313 apartments with a cost of $450,000 per unit when renovation and conversion is complete. Because of this extremely high cost, the buildings original owner planned to demolish the building because the cost to build an entirely new building would be much less than converting to apartments. Construction is slated to begin in early 2010 and should be complete in 2012!
Check out the full article by clicking here!