The Chicago River’s North Branch for decades is a major corridor for industrial users, but recently a transformative initiative has received approval last month by the Chicago Plan Commission that cleared the path for residential and retail development. Just few weeks after the vote, a developer came forward with a plan for 300 new residences, reports the Chicago Tribune.
As per Ryan Ori, the real estate reporter, Belgravia Realty Group, the local developer is eyeing a 4.5-acre property “triangular” in association with Elston Avenue. Ori says the site is located west of a Mariano’s grocery store and it is bordered by Webster Avenue and train tracks. The site is located across the river from the C.H. Robinson headquarters that is under-construction on Webster Avenue and is expected to bring 1,000 jobs to the area.
As per the report, Belgravia is looking to bring nearly 340 total residences and retail space of 60,000 square feet to the triangular property. The unit count breaks to 90 for-sale condominiums and rental apartments to 250 spread over several low-rise buildings. Conversely, the property sale is contingent on acquiring a zoning change for this project.
The proposal is a key not only for its scale, but also for being the foremost major residential and retail project proposed last month after the passage of the North Branch Industrial Corridor Framework Plan. This initiative covers a 760 acres total of prime waterfront real estate in association with the Chicago River’s North Branch. Though, several major office and commercial projects are proposed and constructed in the last few years, this new deal shows what will be the former industrial corridor.