GREEN ROOF ALERT! New 33 story residential buidling planned near Old Main Post Office!
Posted by ChicagoismynewBlog! on January 24, 2010
Investors to be ready to build if market improves
Looking ahead on high-rise
An investor team that includes two Bridgeport businessmen and a specialist in industrial cleanups is trying its luck with high-rise housing. They have proposed a 33-story building at 519 S. Clinton, just west of the vacant Old Main Post Office.
It’s a poor market for planning a high-rise, so work won’t start anytime soon. But Langdon Neal, the investors’ zoning lawyer, said they wanted to start the approval process anyway.
“They wanted to get the entitlement work done, so if the market does turn, they can take advantage,” Neal said.
The investors include William Pacella and George Bonomo of Bridgeport. Pacella owns a trucking firm that won contracts under the city’s scandal-scarred Hired Truck program exposed by the Chicago Sun-Times. Bonomo owns a supplier of paper and cleaning supplies.
They’ve invested together in race horses, and in the 1990s they tried to renovate the old Evans furrier building at 36 S. State, but couldn’t finance the deal.
Another investor is Shadow Mirkhaef, an executive at GSG Consultants Inc., which handles industrial cleanups.
Their proposal calls for 276 units of either rental or for-sale housing, depending on the market’s inclination, Neal said. Also included would be 327 parking spaces, a large allotment that would enable the site to provide parking for a Holiday Inn next door….
I’ve always wanted SOMETHING to be built on this side of the river and Congress. The land is soo close to the Loop and it’s being incredibly underutilized. This building looks great and should fit in nicely…not to mention the amazing green roof that’s planned for the building! I love green roofs!