A proposal to convert a three-story former screw factory in Chicago’s Ravenswood neighborhood to new high-end condos was discussed last week at a community meeting hosted by 47th Ward Alderman Ameya Pawar. The plan from developer Joe Zivkovic and local architect Design 21 Company hopes to adapt the former industrial building at 4046 N. Hermitage Avenue into 15 loft-style condo units while an adjacent three-flat to the immediate north would be demolished for a new three-unit condo structure.
The development would deliver a combined 31 parking spaces split across the basements and first levels of the two buildings. Upgrades to the former factory include new landscaping, exterior balconies, a green roof, and communal deck for residents. While the majority of the condos will be priced between $800,000 and $1 million, the project will offer two units of affordable rate housing for around $400,000.
According to DNAinfo, nearby residents at the meeting expressed concerns over traffic, street parking, construction noise, on-site affordable housing, and a threat to the single-family neighborhood character of the block. The project will require the blessing of Alderman Pawar and a zoning change from the Chicago City Council to move forward.
Provided approvals go smoothly, the development team looks to break ground in March and deliver its 18 residential units by the end of 2018. Zivkovic also still needs to close on both properties. The larger structure is currently listed for $5.3 million while the smaller tear-down is available for $779,000.
- 4040-4050N. Hermitage Avenue presentation [47th Ward]
- Neighbors Concerned Over Development Of 18 Condos On Hermitage [DNAinfo]
- Previous Ravenswood coverage [Curbed Chicago]