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53rd Street Mobil station/former McDonald's Site, and the 53rd Cornell project Presented
by Hyde Park-Kenwood Community Conference, its Development, Preservation
and Zoning Committee, and their website, hydepark.org. |
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The 53rd Cornell project will be subject of a presentation by the developer and q and a at the May 12, 2008 TIF Advisory Council meeting. 7 pm, Hyde Park Neighborhood Club, 5480 S. Kenwood.
The "Mobil-McDonald's" site at 3rd and Kenwood, north side of the street and across from Nichols Park, is a medium sized parcel considered ripe for development. The gas station with car wash is destined for phase out (and planners think such uses are better on street like Lake Park or Cottage Grove). McDonald's opened a new store on Lake Park Avenue and cleared the 53rd site. The 53rd St. Tax Increment Finance commercial TIF District was created in 2000 in part to encourage and vet such developments, to revitalize and grow retail in the area, and to build funds based on tax increment for needs in the TIF District.
In 2001, before McDonald's was demolished, developer John Kretchmar presented a plan for an 8-story (height of the nearby Versailles building) mixed use development that included a drive-through McDonald's and 137 condominium units. The project provoked organized opposition (broad but not unanimous), including for alleged height, density, and parking/curb cut inappropriateness for this part of Hyde Park--let alone the drive through fast-food. It also seemed to run contrary to a recent retail planning study by Skidmore and ran into problems with the city Department of Planning. Alderman Preckwinkle withdrew support and asked for a downsized redesign with some affordable housing units. Mr. Kretchmar withdrew.
In a land swap facilitated by the University, McDonald's built a new restaurant, drive-through, on Lake Park and 52nd. The old site was cleared and bought by William and Claudie Phillips, owner of the Mobil site at the end of 2004. There has been back and forth over interim use of the gravel-covered restaurant site for parking.
In 2006, Fernando Leal's L3 Development (near North Side) purchased an option on the site and says he is developing a proposal, Rumors are of a development at least 8 stories high--this developer had a plan, now being revised, for a 17-story condo and mixed-use development at 53rd and Cornell (which he owns). That plan also got in trouble with the alderman over adequate affordable housing and with neighbors for many reasons, but was thought by many to be a fine design and project.
At the end of a largely-attended 53rd St. Vision Workshop on December 8, a clarification on mid rise vs low or high suddenly became a straw vote on accepting a 8-10 story development on 53rd-- largely taken to mean Mobil-McDonald, and without a discussion of characteristics of the various sectors of the district. 63 percent nevertheless said they approved in the palm pilot vote.
Neighbors had already organized with a petition drive, as of the end of June 2007. They have a 4-point set of demands:
The group is circulating a petition. Here is its text. Contact: Jill White, 5214 S. Kenwood. Coverage.
Petition
for the Responsible Development of the Vacant McDonald's Lot/ We
the undersigned, residents and neighbors of the 53rtd Street/Kenwood/Woodlawn
block,
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Sent to Ald. Preckwinkle. From Sept. 19 2007 Hyde Park Herald. Reminder: neither this website nor the Conference endorse or dis-endorse statements in letters sent to us or from other publications unless specifically stated.
We the residents and neighbors of the 53rd Street/Kenwood/Woodlawn block are excited to hear that plans have been proposed for the development of the vacant McDonald's lot/Mobil station lot property on East 53rd street. Our section of Hyde Park is a thriving family-oriented community that welcomes the increase in value, stability and functionality that this project has the potential to bring to the 53rd Street commercial district.
We are, however, also devoted to maintaining the character of the neighborhood, avoiding excess congestion and protecting the safety of the children who play on the block. As such, we insist that the alderman's office work to protect our interests by advocating for the following criteria:
We would be pleased to meet with you to discuss the current status of this site. We are anxious to see this too-long-unused property developed, as we feel it will provide a much-needed boost to the 53rd Street commercial district and bring greater prosperity to the block. In addition to the above issues, we are concerned with the lackluster reputation of the owner of L3 development LLC, Fernando Leal, who as we understand is the only developer currently considering this site. A casual background check of Leal has revealed a history of prevarication and contention with the communities in which he has developed properties.
We believe these provisions are entirely reasonable and will help garner the support and cooperation of the Hyde Park neighborhood at large. We must emphasize that we fully support the development of the property in question and would very much like to work with the 4th Ward office to solicit reliable developers and much-needed retail businesses to the project. Our desire is to have an active and cooperative role in determining the nature of the development. If, however, we feel that L3's plans pose a threat to the character of our block and/or the safety of our children, we are fully prepared to work against the company (with help from a land attorney if necessary) and any political official who supports them.
Ald. Toni Preckwinkle (4th) is supporting the development of 53rd Street and Cornell Avenue, with stipulations that L3 Development LLC makes changes to proposed plans [for a] 17-story mixed-use building. "I have asked [L3 CEO] Fernando Leal to come back to the community in the fall with his revised plans for 53rd and Cornell," Preckwinkle said.
She added that the development might be on a future TIF meeting agenda, but not until a complete plan for the property is made. "It won't be unless everything is gelled and he's got his plans together," Preckwinkle said.
Meanwhile, plans for the Mobil gas station, 1330 E. 53rd St. and the adjoining vacant parcel once occupied by McDonald's are up in the air, Preckwinkle said. "We're trying to work that [site] through," she said. "At the moment, there isn't a plan."
Hyde Park Herald, October 31, 2007
On the evening of October 18, I was honored to be part of a thoughtful, articulate group of Hyde Park residents who met with Ald. Preckwinkle (4th) to discuss their concerns about the re-development of the Mobil/McDonalds property on 53rd Street near Kenwood Avenue.
The residents support a mixed-use development t hat would bring more residents and retail to the street. They are also committed to the existing zoning that allows for up to a 50 foot (4 or 5 story) building. The present zoning limit would allow for a high-quality commercial/residential development that would provide for a reasonable increase in density without the congestion caused by an 8 to 10 story building.
The alderman is proposing a zoning change, in the form of a "Planned Development," that would permit a taller building on this property. This zoning change would not be a part of a comprehensive planning and development strategy for 53rd street. It would not be offered equitably to the other property owners in the zone. It is not in response to a documented "hardship" suffered by the property owner. This is an isolated, discretionary, piecemeal "up-zoning" that takes public value and transfer it to a private property owner without compensation to the public.
This zoning change and the tall building that would result violate previous municipal and neighborhood planning efforts. The height permitted by the zoning change would exceed the "pedestrian oriented commercial district" standards that apply to 53rd Street under Chicago's new 2004 zoning ordinance. Nor would such a development be allowed under the guidelines of the 2000 "Vision for the Hyde Park Retail District" prepared by the Chicago Department of Planning and Development and Skidmore, Owings and Merrill.
With the exception of the United Church steeple, there are only two buildings on the street taller than four stories-the Versailles at Dorchester Avenue and the Hyde Park Bank building at old Lake Park Avenue. They are both more than seventy five years old and zoning law, for good reason , has not allowed tall buildings on 53rd Street since 1957. This "planned development" zoning change would be unilateral and outside of our community's planning history.
At the meeting, the alderman told us her zoning change would benefit the whole neighborhood, not just a few isolated neighbors. She instructed us to learn to accept change. but the only problematic change at issue here is a zoning change that would permit an out-sized building that benefits only two individuals--the current property owner and the prospective buyer/developer. This benefit could be worth million of dollars.
Hyde Park needs new development that would increase activity on 53rd street. We need new tall, transit-oriented buildings near our Metra stations, like t he proposed Leal development at 53rd and Cornell and the Antheus projects at 57th Street nd cornell Avenue and at Lake Park Avenue and Hyde Park Blvd. We badly need creative approaches to urban development, like the University of Chicago's Harper Theater project. And most of all we need an open, professional, independent, community-based planning process to guide and sustain the development of 53rd Street--our "Main Street." The new 2004 Chicago Zoning Ordinance invites communities to do a comprehensive zoning re-map as a tool to fashion the kind of neighborhood they want. It's an invitation we should accept.
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Spicer's analysis of the 53rd Cornell project, from email letter to the HPKC Development 53rd Focus Group following the December 8 2007 Workshop
The 53rd & Cornell project and the planned development of the Mobil/ McDonalds site are sad examples of a bad developer being enabled by elected officials. L3 Development has only one completed project in Chicago (Ambassador East) and that was not a success. Everything else they're involved in is stalled, including the 53rd & Cornell project that could well become Hyde Park's very own Block 37, an empty lot for years. L3 over-bid the next buyer by $1.5 million (and paid cash). It's no wonder they "can't make the numbers work." The only advantage to demolishing the buildings at 53rd and Cornell is to L3; they pay less property tax. The next bidder wanted to rehab the existing buildings and their project would have been done by now. And the building designed for L3 is architecturally absolutely boring. We do need a dense development there. It's half a block from the Metra and a block and a half from the Express buses, just perfect for "transit oriented" density. We need a tall, exciting, financially viable project at 53rd and Cornell. With any luck L3 will have to sell, at a loss, to a good developer who can do a good development and make some honest money.
and on Mobil/McDonalds
The Mobil/McDonalds development is an even sadder example of a bad developer on political life support. The current zoning allows only a 50' high building at this site. L3 assumed it could get a zoning change to allow a taller building and has signed a contract to buy the lots at a million dollars more than anybody else would pay (and has a million tied up in fees that it will lose if it doesn't actually exercise its right to buy). The high selling price was based on the zoning change. Now L3 "needs" to build a mid-rise (8-10 story) building here because it agreed to pay the inflated price for the land. The current zoning allows only a 50' high building and there are many good reasons not to change the zoning to allow a mid-rise project -- this site is nowhere near any public transit where a tall building would be appropriate, this is part of a "pedestrian oriented commercial district" where tall buildings are discouraged by Chicago's new 2004 zoning ordinance, the 2000 "Vision for Hyde Park Retail" document says nothing over 4 stories at this location, and the neighbors have signed petitions against a mid-rise building. And yet, L3 is assuming a change of zoning (thru a Planned Development) to allow an 8-10 story building. I hope this was not the point of the final vote at the "density workshop" to allow a mid-rise building "somewhere" on 53rd Street. If there were no opportunity for a zoning change then the selling price would settle back, through the magic of the free market, to a level reasonable for a good developer to build a 50' high development. It's a big site and the project could be one building or a series of buildings. A good 4-5 story development there would increase density on the street, create new living and shopping opportunities, eliminate a vacant lot, eliminate the pedestrian discouraging driveways of the gas station, and be a chance to have some good modern architecture on the street. Again, with any luck a new developer will end up with this site.
From the July 9, 2007 TIF meting. Notes by Trish Morse, HPKCC board member
Fernando Leal is in Nevada so couldn't attend this meeting in July. He will be presenting a proposal for the site of the McDonald's/Mobil station on 53rd Street at the next meeting. He has a contract to purchase the site and says he has a financially viable plan for this site. There was a question about how it was zoned. The alderman didn't know, but pointed out that is didn't matter since it would be a planned development.
Hyde Park Herald's take--before any presentation but following discussion at the July 9 TIF meeting. July 18, 2007. By Eric Kasang
A long contentious argument over a 53rd street site is once again pitting resident against a developer. The Mobil gas station and McDonalds property, located on 53rd Street between Kimbark and Kenwood avenues, found itself front-and-center at a 53rd Street tax Increment Financing (TIF) Advisory Council meeting on July 9. This stalled development led the discussion at the Hyde Park Neighborhood Club...
Ald. Toni Preckwinkle (4th) spoke about the status of this project: "I wish we were more along in this project, but unfortunately it hasn't moved," Preckwinkle said. The alderman said Fernando Leal, managing partner or L3 Development, LLC, has to present new plans at a future 53rd Street meeting and the local businesses and community residents will be informed of any new changes.
Hyde Park resident Rey Phillips, who later spoke with the Herald, said the lot's usage is a major issue with the community. while the area is designed to handle a four or five story building, the possibility of a high-rise will ruin the aesthetics of the area. "The further above the four stories it is, the less congruous it is to the rest of the street," Phillips said.
He said the proposed planned development is not in conformity with the neighborhood design. Phillips also noted that a petition is circulating to protest any plan for a high-rise and it will be sent to Preckwinkle's office. He has not personally seen the petition, but he sid that when he has dealt with the alderman, she has been responsive to listening to questions and suggestions.
Laura Pedelty, another Hyde Park resident, also later spoke with the Herald. While she was not able to attend this TIF meeting, she said that she is one of a group of people circulating the petition around the community. Although Pedelty said people are not opposed to development in this parcel of land, the construction should be reasonable including [having] four stories or less, mixed use and adequate parking. "We do want to be sure it's integrated in the community," Pedelty said. "It's a residential area."
In December 2004, the William and Claudie Phillips' 53rd Street Development LLC bought the McDonald's Corporation's parcel of land for $635,000. William Phillips, who owns the Mobil station, bought the former McDonalds land at 1344 E. 53rd St.
L3 Development owns the option to buy the land from Mobil; however, this option expires in October. The land would be used for a mixed-use building.
This is not the first time Hyde Parkers have rejected a high-rise plan. Developer John Kretchmar withdrew his plans for an 8-story, 137-unit condominium in 2001 due to community protest. Along with residents' protests and city planning problems, Preckwinkle withdrew her support for the development.
During the meeting, Hyde Park resident Jack Spicer said it was important to include community residents in projects and not just developers. "If it's a bottom-up process, the community could really benefit from it," Spicer said.
Residents balk at high rise
Hyde Park Herald, August 15, 2007. by Yvette Presberry
Hyde Park residents are meeting and passing our petitions to get L3 Development LLC to create a mixed-use building at 53rd Street and Kenwood Avenue that is no bigger than four stories and has ample parking for its tenants.
Petitioner Jill White said that the petition is intended to sway L3 to work with the community in developing a building at the former McDonald's lot and Mobil gas station on 53rd Street across from Nichols Park. L3 has owned an option to develop the site since 2006.
According to the petition, residents want L3 to develop a mixed-use building that would blend with the rest of the 53rd Street's businesses and homes. She said L3 head Fernando Leal previously told the community that he wanted an eight-story building on the lot, which would require a zoning change.
White opposed this idea, stating that it would add to traffic congestion in a neighborhood that is widely known by its residents and businesses for having a lack of sufficient parking spots. She added that an eight-story building would obstruct views an block sunlight for resident who live on 52nd Street.
She suggested a better place for an eight-story building would be closer to the Metra station on Lake park Avenue or at 53rd street and Cornell Avenue, another L3-owned property. "That would make more sense," White said.
L3 is developing a 17-story mixed-use building at the Cornell Avenue location on 53rd Street that has about 118 condominiums and retail on the ground floor.
Fourth Ward Ald. Toni Preckwinkle said L3 has not shown any plans to her regarding the 53rd Street and Kenwood Avenue site. She said the petitioners had not contacted her to discuss what they want at the vacant lot. She also said that Leal may return to Hyde Park to reveal more plans for the site in October.
Several petitioner planned a Monday, Aug. 13 gathering as of Herald Press time....
Latest on 53rd Cornell
As presented at an open neighbors meeting called by Ald. Preckwinkle April 23 at Congregation Rodfei Zedek, the building has been modified for 17 to 20 stories plus mechanical space,largely to work the economics of the fact that the building will now be rental and will include 15% affordable units. Alderman Preckwinkle was able to work out with L3 Development inclusion of 15% (not just the city-mandated 10%) affordable units- and on-site. Affordable is defined as the points based on area income and characteristics of the structure as defined in terms of "points" assigned by the city: That will determine what the rents will be. Intent is to not include or use any government subsidy or Section 8 subsidy and have the structure entirely debt equity. They intend to scatter affordable units throughout the structure, but exact mixes will depend on such factors as ratios of one- and two-bedroom units rented. Undecided is whether finishes may differ in affordable units. (Unsaid but inferable from the fact that the layout is unchanged from former plans for a condo building is that it is conceivable that some or all units could at a later date become condo.) Possible rents were speculated to be, if following current nearby rents, $1000 to $1800 a month.
Note: Skepticism has been expressed to us site over whether this building can be built at all, by this team, and whether it is viable as rental or can rent at less than much more above the stated range.
At the meeting, representatives of the Coalition for Equitable Development in Hyde Park-Kenwood thanked the alderman and developer for this progress progress on affordable units and asked consideration of setting aside two-thirds of the affordable units for seniors and that units be able to accommodate the disabled. The developer noted in answer to the latter and related questions related to accessibility (and just being able to maneuver in buildings) that the entire structure must follow federal accessibility standards.
Howard Males, chair of the TIF council, noted that the project was thoroughly vetted by the TIF and its committees and was approved 2 years ago and not changed significantly enough to require reconsideration although it will be re-presented at the May 12 TIF meeting (7 pm, Neighborhood Club).
Basic features of the building, approved by the TIF Council 2 years ago according TIF chairman Howard Males, include
- 206 residential units in an "L" shape along 53rd and part way up Cornell, 11 on 26th and 13 7th-20th
- 15% Affordable units on site
- 7,500 square feet of retail space on the ground floor level along 53rd and up Cornell to the lobby and parking entry
- 246 parking spaces occupying the first 5 stories behind and above 1st floor retail and northward covering the entire site-1.19 ratio. Entry and exit remains on Cornell at the north end of the apartment tower, loading from 53rd along Canadian National
- Rooftop garden at the 6th floor level north of the apartment tower, covering the retail-parking block. (City now mandates a dog run; building will allow pets.)
- A mix of studio/one-bedroom (c60%) and two-bedroom apartments (c40%)
Answers to discerning questions including:
The traffic reviewer did not see an appreciable effect. A new shadow study will be be submitted.This will be a quality, contextual masonry building. Designer is Antunovich firm, which has done much work in Hyde Park and much restoration work.
The development is intended to take advantage of proximity to transit, hopefully with some tenants not needed car spaces. No commitment could be made on access to parking by neighbors--except that a number of spaces on the second floor will be available to patrons of the retail, who will be able to use an elevator and use a passage through the building at ground level to 53rd St.Hope is to help spark 53rd St. retail renaissance as well as install services needed by both residents and neighbors such as a pantry-like store or restaurant.
Next steps for the proposed Planned Development, which will take a minimum of a year, include hearings by the Chicago Plan Commission, Zoning Committee and Community Development Commission. Only property owners of note within 400 feet will get notices (to some) of these. Notices will be in the local papers and posting boards and online through the agendas of the agencies in the City of Chicago website. None of the referenced reviewers will consider the project before June or July 2008. After approvals, the permit process begins and full construction drawings drafted.
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53rd Cornell background to April 23
Before the market bust, Mr. Leal of L3 was set to go on a 17-story mixed use planned development between the Metra/Canadian National tracks and Cornell Ave. on the north side of 53rd St. There was neighbor attempt at blockage, particularly from low rise condos to the north, but widespread approval as needed transit-oriented development or else indifference. The existing low-rise stores on the site were removed in late 2007. In March 2008, request was made for zoning change allowing for as high as 21 stories, although that could be just conservative filing.
Fernando Leal demolished the 53rd Cornell property and in 2008 had applied for planned developments for up to 21 stories., L3 has not yet located an of site location for its 15% affordable commitment, but is looking at some buildings. Leal said at the January 8 2007 TIF meeting that construction costs have escalated 35% over two years, necessitating a hard look that will delay start of new construction.
Background: Air rights were already finalized in October 2007 with the only neighbor who would sell theirs, Jack McGarry of K & G Building Management.
What held up the 53rd-Cornell project. Not the inability to locate a separate, viable affordable housing building but disagreements with neighbors to the north, who all have to agree in order to avoid lengthy process, hearing et al on zoning changes and especially purchase of air rights. Remember also that Mr. Leal has to sell 45% before construction can begin. And now there is the steep rise in construction costs-three bids came in at about or over a third higher than expected. Also, air rights were essential for the project to go forward. Neighbors in all directions would not sell air rights, so they were bought from John McGarry of K.
Ald. Preckwinkle said the issue had been thoroughly vetted in the community. Preckwinkle pushed for more affordable housing in Cornell-53rd as building got taller--but accepted the "affordable" buyers having another building location tbd--as of September 11, no such building had been identified in the neighborhood. The TIF Council voted OK on the project early in 2006, but a brief firestorm started over moving the affordable units off site. The project still goes before the Plan Commission and will seek both permits and the affordable off-site.
Hyde Park Herald, March 26, 2008. By Kate Hawley
L3 seeks zoning change on 53d
A stalled development at the northwest corner of 53rd street and Cornell Avenue showed a flicker of life in recent weeks as the developer sought zoning changes for the project. The changes would allow the construction of a 21-story residential building at 1620 E. 53rd St., with 206 units, about 7,500 square feet of retail space and 246 parking spots.
The development would also include a swath of land owned the Akiba Schechter Jewish Day School, one door to the west of 5235 S. Cornell Ave. The school did not immediately return calls seeking comment.
The property at 1620 E. 53rd St. had been zoned for a 17-story residential high-rise with a retail component. The changes would make the project a planned development under city zoning guidelines. Residents living within 250 feet of the site received a letter from the city, dated March 4, informing them of the proposed changes. The letter says that DRW Cornell Property, LLC applied for the changes March 5. Developer Fernando Leal, of L3 Development, LLC, is listed as a manager of DRW in city records.
Last fall, L3, which is based in Reno, Nev., applied for permission to tear down a three-story brick building on the site. The lot is now vacant, awaiting redevelopment.
The project has moved slowly as L3 tries to "figure out what is possible in the changed development climate," ald. Toni Preckwinkle (4th) said recently. "Because of the housing crisis, it's very hard to get things funded." A call to Leal at his Reno office went unreturned. The number of L3's Chicago office has been disconnected.
Preckwinkle said last Thursday that L3 is planning to go through the process of getting city approval for the project, which means that building likely wouldn't start until next year. If the project at 1620 E. 53rd St. goes forward, it would be among several tall buildings soon to join Hyde Park's stock of high-rises. The most recent of these were constructed during a postwar building boom that tapered off by the 1970s....[except 52--S. Hyde Park and at 53rd Ellis].
Meeting to be held on 53rd and Cornell high rise. Apartments planned for 21-story tower
Hyde Park Herald, April 9, 2008. By Kate Hawley
Hyde Park residents curious about the status of the high-rise propose for the northwest corner of 53rd Street and Cornell avenue can attend a public meeting on the development April 23. Representatives from the 4th Ward and the developer, L3 Development LLC, will attend the meeting, to be held at 7 p.m. at Congregation Rodfei Zedek, 5200 S. Hyde Park Blvd.
The company had planned condos for the tower, but has switched to rental apartments since the housing market has become inhospitable to condo development, according to Ald. Toni Preckwinkle (4th). The project has been in the works for several years. L3 bought the property in July 2005, paying $6,840,000, according to city records. The same lots were sold to the previous owner, Mario J. Soldo, for $2,625,000 in April 2002.
In the fall, L3 applied for a permit to clear the land for development. It's now sitting empty. However, the project showed signs of life in recent weeks when the developer applied for a zoning change. The property, located at 1620 E. 53rd St.., had been zoned for a 17-story residential high-rise with a retail component.
The changes would allow the construction of a 21-story residential building with 206 units, about 7,500 square fet of retail space and 246 parking spots, according to a letter sent March 4 from the city to residents in the immediate area.
The project is a Planned Development, which means that it has its own set of specially developed zoning guidelines. To meet those guidelines, L3 needed to buy air rights over land belonging to one of the surrounding properties, according to Ald. Toni Preckwinkle (4th). The company eventually made a deal with Akiba Schechter Jewish Day School, located at 5435 S. Cornell ave. Akiba Schechter retains the right to build on the land, but it has no current plans for any building projects, Preckwinkle said.
The Herald attempted...to contact John Roberson, executive vice president of corporate development for L3, who has a Chicago office. Calls also went out to Jim McKevitt, the company's chief operating officer, and Fernando Leal, its managing partner. Those calls also went unreturned.
However, a housing advocacy group in Hyde Pak that has been working with L3 shed a glimmer of light on the company's intentions. The group, which is now called the Coalition for Equitable Community Development, first met with L3 beginning in 20005, according to Linda Thisted, chair of the coalition's Affordable Housing Advocacy committee.
Thisted said she and three other coalition members last met with L3 in November, sitting down with McKevitt and Roberson to try to convince them to set aside 10 percent of the units in the building as affordable housing. "They didn't commit to anything one way or another," said Thisted, adding that movement on the project then seemed unlikely in the near future. During the discussion, Roberson and McKevitt mentioned they were considering switching the units in the building from condos to rental apartments, she said.
L3 lays out new plans for 53rd and Cornell. Herald, April 30, 2008. By Kate Hawley
Representatives of L3 Development came to Hyde Park last Wednesday to present their latest plans for a high-rise at the northwest corner of 53rd Street and Cornell Avenue -- now a slightly taller building with rental apartments instead of condos.
The meeting, at Congregation Rodfei Zedek, 5200 S. Hyde Park Blvd., was required by the city since L3 is seeking a zoning change for the property. It's the first time L3 has met with the community since holding half a dozen meetings two years ago. At that time the company was planning a 17.5-story condo building. "Then the economy kind of intervened," Ald. Toni Preckwinkle (4th), to the roughly 100 people who showed up to see the presentation.
The project has been in the works since 2005, when L3 bought the property for $6.8 million. The building that formerly occupied the site was torn down last fall to prepare for construction, but the lot has been empty since then. "I would love to be able to say that L3 somehow has a magic formula that makes us immune to all of the things that are out there in the marketplace, but we are not," said John Roberson, L3's executive vice president of corporate development. He is now the company's Chicago representative since Fernando Leal, the managing partner, moved to Las Vegas, he said.
To reflect the changing market, L3 has revised its plan to include rental apartment instead of condos and a slightly taller building -- twenty stories instead of 17.5. The new plan also calls for 206 residential units, 7,500 square feet of retail on the ground floor and 249 parking spaces.
The building's design, by the Chicago-based Antunovich Associates, has undergone only slight modifications. For example, hanging balconies in the earlier design are now recessed, to make the building more streamlined, said Joe Antunovich, principal in the firm. The overall look is meant to emulate Hyde Park';s stock of 1920s high-rises, he said.
The additional height will accommodate an affordable housing component within the building, instead of elsewhere in the neighborhood as previously planned, according to Roberson, who is a former buildings commissioner for the city.
The new plans mean the developer must seek a zoning change to a planned development, or PD, which allows zoning guidelines to be determined on a per-project basis. The PD would allow the developer to alter the proposed building's floor area ratio, or FAR, the total amount of space a building can inhabit, given the size of the lot it sits on.
The company would do that by purchasing FAR -- essentially, buying development rights-- from an adjoining property, according to Rolando Acosta, the zoning attorney for the project. L3 has made an agreement with Akiba Schechter Jewish DAy School, 5235 S. Cornell Ave. "It's not a substantial sum of money," Acosta said.
The process of getting zoning and other approvals from the city will likely take a year, according to Roberson. How quickly the project can proceed from there "kind of depends on the market," he said.
L3 will present the same material at the next meeting of the 53rd Street TIF Advisory Council, to be held at 7 p.m. on May 12 at the Hyde Park Neighborhood Club, 5480 S. Kenwood.