Chicago Construction News staff writer
Associated Bank has provided a $28.35-million construction loan for a new transit-oriented apartment development on Chicago’s North Side.
Financing, including funds to acquire the former Tortenson Glass Co. property, a nearly 30,000-sq. ft. urban infill site, was arranged for a joint venture between North Park Ventures and SNS Realty Group to develop a five-storey, 99-unit residential building at 3233-47 N. Sheffield Ave.
The plan creates 84 market-rate apartments and 15 affordable units along with a resident club room with co-working space, a wellness centre with a sauna, a rooftop deck with a dog run, a bicycle storage room and parking for 25 vehicles at the rear of the property.
The project is located on the east side of Sheffield Avenue between Belmont and School streets, a short walk from the Belmont station serving Chicago’s Red, Purple and Brown rapid transit lines.
Demolition of the existing buildings is expected to begin shortly, with construction of the new apartment building scheduled for completion in 2027.
