Demolition crews are tearing out the derelict remnants of the Village Shopping Center at Hyde Park Blvd (51st) & Lake Park Ave. DNAinfo captured the activity this week, which makes a strong case for the onset of City Hyde Park apartment construction in the near future. It looks like Antheus Capital and Silliman Group will make their 2015 completion target, pending the conveyance of an 11.3M TIF subsidy in January. Together with a state Empowerment Zone subsidy of roughly $13M, the project's total cost is pegged at $114M. Demand for rentals is high in Hyde Park, evidenced by Antheus & Silliman's recently completed apartment conversions of the landmark Shoreland and Del Prado hotels, but there hasn't been a new high-rise rental building in the neighborhood in 20 years.
Six years into planning, Studio Gang mercifully remains as architect and Whole Foods has inked its name to a lease as the project's anchor tenant. A 14-story design is what's coming to the site where a second 20-story tower once was in play. Although the taller structure was scrapped for budgetary reasons, the remaining building was broadened to preserve unit count at 182. Aesthetic elements have changed less, with alterations to the rippling Juliette balconies and a tweaking of the podium and cantilevered residences. This will be Jeanne Gang's first realized Hyde Park commission (apart from interior work), with a U of C dorm cluster and another apartment project in tow.
·Work Begins on Whole Foods in Hyde Park After Six Years of Planning [DNAinfo]
·Developer Reconfigures City Hyde Park as One Larger Building [Curbed Chicago]
·City Hyde Park Coverage [Curbed Chicago]