Chicago-based Belgravia Group, Ltd. and LMC, a wholly owned subsidiary of Miami-based Lennar Corporation, say that they have closed on the 4.1-acre parcel of land known as Triangle Square.
The Chicago Plan Commission approved Belgravia’s $200 million plan on Nov. 1, Crain’s Chicago Business reported earlier.
Belgravia will construct a new mixed-use project including 66 condominiums, while LMC will develop a another project including 300 apartment homes. The development is at the intersection of Webster and Elston avenues in Chicago’s East Bucktown neighborhood, and adjacent to the 70-acre Lincoln Yards development.
“Closing on this land is the first milestone in ushering this area from its industrial past to its new future as one of the city’s most vibrant live-work-play neighborhoods,” David Goldman, executive vice-president and chief operating officer at Belgravia Group, said in a statement. “We are putting the final touches on our floor plans and look forward to beginning our sales program in January.”
Construction on the masonry and glass condominium building, designed by Chicago-based Sullivan Goulette & Wilson, will begin next summer with first deliveries scheduled for summer 2020.
Meanwhile apartment developer and manager LMC will develop 300 apartment homes in a separate Triangle Square building. The rental building also will include approximately 24,000 sq. ft. of ground-floor retail. The community’s name has not yet been announced.
Future plans call for a third office and retail building. The two-story building is marked to start development after the completion of both residential buildings.