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Bond Cos may soon begin its massive block-long redevelopment of the former Gonnella baking site in West Town. The city issued a foundation permit this week for one of the smaller buildings in the project.
Bond bought the site at 1001 West Chicago Ave from Security Properties last October in a $17.8M deal. It was a strong ROI for Security Properties, which bought the land six months prior for $7.8M.
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The foundation permit is for a 13-story building at 738 North Morgan St, on the site's northeast end. Fitzgerald Associates Architects is designing the project, which will include 363 apartments, a supermarket and a 15-story building. It's walking distance to the Chicago Avenue Blue Line "L" station and the site's southern edge borders Milwaukee Avenue, which qualifies it as a transit-oriented development and allows Bond to add density.
