Mid-Rise Apartment Tower Proposed For Old Town Shopping Center
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Another multifamily project in Old Town is being proposed. White Oak Realty Partners and CA Ventures JV'd on the acquisition of Father & Son Plaza at North Avenue and Larrabee Street, and they want to replace the shopping center with 365 apartments.
The White Oak/CA Ventures JV purchased the site from the family behind the Marcello's restaurant chain, which hired CBRE to broker a sale in June. CBRE marketed the site as a redevelopment opportunity for interested bidders. The purchase price is unknown, but it was believed the site could command $30M bids when it went on the market.
White Oak and CA Ventures (under its CA Residential brand), are proposing a 14-story apartment tower on the site along with 30k SF of retail, 188 parking spaces and 188 spots for bike parking, according to Crain's. The site would require a zoning change, but it's uniquely located between Old Town and the Halsted Triangle shopping district. But the project may come under scrutiny from Old Town residents concerned about how ongoing development in their neighborhood will affect existing architecture. [Crain's]