Retail and mixed-use buildings at 850-856 W. Belmont Ave. and 3200-3226 N. Clark St. will be replaced with a 10-story mixed-use tower, according to the website of Ald. Tom Tunney (44th), reports Patch.com.
Chicago-based BlitzLake Capital Partners has proposed the $50 million plan to build the nearly 250,000-sq. ft. residential-retail tower. The building plan features 98 residential units, retail space of 56,000 sq. ft. and 117 parking spaces.
The apartments are distributed in 28 studio units, 25 two-bedroom units, 39 one-bedrooms and six one-bedroom units with an adjacent study area. Amenities include a party room, fitness center, green roof, terrace and bike storage.
Retailers will occupy the basement, first and second floors. The developers are already in talk with tenants for the retail area and first among them will be a grocery store. The third, fourth and fifth floors of the tower will contain the parking lot.
BlitzLakes’ plan requires new zoning and approval from Lake View Citizens’ Council—Hawthorne Neighbors, Central Lake View Neighbors and Triangle Neighbors as well as Ald. Tunney.
The developers purchased the property for $5.5 million.
