Ponzi scheme-plauged Wextrust Capital collapsed several years ago under the weight of $100M fraud accusations (and eventual convictions). They left some unfinished business in the city and suburbs. Now, according to Crain's, one of their frozen projects has been resuscitated by Wilmette developers Art Gurevich and Marko Boldun. Their venture just shelled out $1.63M for a riverfront development site at Oakley and Wolfram in Avondale. The site has long had rich potential, and something closely resembling Wextrust's plan is being touted.
So, what are we looking at? Fifteen townhomes and a four-unit condo building on 30,000 square feet with 141 feet of river frontage. Planted on the west side of the river, just across from Roscoe Village, the site represents a pretty privileged opportunity to build multiple homes near flourishing neighborhoods. Gurevich tells Crain's they intend to take a phased, speculative approach to building the homes, with construction costs totaling $4-4.5M. No home prices have been set, but expect something in the vicinity of a half-mil. We don't have any visuals for you just yet, but scan up and down the river and you'll get a clear sense for other like-minded projects.
·Developers revive Lakeview-area project [Crain's]