The news that a large postmodernist 18-story mixed-user is under contract points to more potential in Uptown. The possible sale of Pensacola Place at 4334 North Hazel Street could foretell even more development in Buena Park, since the 264-unit building, which includes a Jewel-Osco and World Gym on the ground floor, also has pads for 50 town homes that were never developed. In a recent post, Uptown Update adds that a source flagged Waterton Residential as the potential buyer with the building under contract. Waterton rehabbed the West Loop's Presidential Towers and last year and also made $30 million rehabbing and selling the Seneca Apartments in Streeterville. Waterton declined to comment on the pending sale of the development.
This is the first time this Buena Park mixed-use development, built in 1981, has been available for purchase. According to a 1981 Tribune article, the Stanley Tigerman-designed rental-condo-commercial project by City Centrium Corporation cost $26 million to build, and upon opening, rents started at $400 a month for a studio. Built with a series of semicircular balconies meant to resemble columns, the west facade is supposed to give the appearance of an Ionic temple. The postmodern building's proximity to Montrose Beach and the lake, the Red Line (at Wilson), Wrigleyville, as well as the Clark and Lawrence intersection in Uptown, make it a desirable spot for numerous reasons; upgraded apartments and a new set of town homes would quickly become in-demand property.
·Pensacola Place Under Contract [Uptown Update]
·Pensacola Place (Under Contract) [Moran & Company]
·Return to Classicism [Tribune]
·Previous Uptown coverage [Curbed Chicago]