The Lincolnwood Village Board just recently approved several measures aimed at securing a large redevelopment project for the former Purple Hotel site per The Chicago Tribune. The location is at the corner of Touhy and Lincoln Avenues.
The Lincolnwood Village President called the vote a monumental and historic time for Lincolnwood. He stated that the vote could lead to construction of new residential, retail, commercial and hotel uses at the parcel.
"After approximately 14 years of a vacant, blighted site, we have a quality developer in Tucker Development. I've never seen such professionalism conveyed in my entire life. It's a team effort, and now we look forward to the even harder work of collaboration to get things done and started and moving forward."
Lincolnwood Village President | Barry Bass
Several economic incentives were outlined in the agreement which is known as the District 1860 development at the 8.47 acre property.
Tucker is planning to construct the following:
- A hotel building at the northern end of the property
- A mixed-use building at the southeast corner of the parcel
- A retail and commercial building in the southwest portion of the property
- Off street parking
- Common open spaces within the site
The mixed-use building will consist of between 40,000 and 65,000 square feet of retail/commercial space while the residential use within the mixed-use building will contain between 280 and 300 luxury residential dwelling units. The deal states "in no event shall more than 94 dwelling units be two-bedroom units, nor more than 17 dwelling units be three-bedroom units."
The retail and commercial building will consists of between 20,000 and 30,000 square feet of retail/commercial space.
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The hotel building on the property will be limited to a maximum height of seven stories and no more than 220 rooms. Also, per the agreement, the developer shall lease or operate not less than 20,000 square feet on the property for use as "full-service restaurants."
The final design work will be starting soon and the required zoning submittals are due to be provided to the village before November 20th.
"For a project of this magnitude to have begun literally this past May and be here, subject to final approval is monumental. We've talked about this site over the last 10 years. This is the first time we were encouraged to say it can be something different. That it can have residential and that "edgy" feel, not just the same-old, same-old development. We are looking forward to our next steps."
CEO Tucker Development | Richard Tucker
An application was submitted by Tucker Development on June 28th. The site was once home to the Hyatt House Hotel, known more famously as the Purple Hotel because of the building's color. The hotel had been abandoned for years before it was torn down in 2013.
According to The Real Deal, Tucker is involved in a number of projects in the Chicago area, including a partnership with Seritage Growth Properties to redevelop the last two Sears stores in Chicago into mixed-use properties with retail and residential space.
Its deal to sell a South Loop shopping center to the Iowa Public Employee Retirement System was the most expensive retail investment sale of 2018.
DataBid is currently reporting on this project - District 1860 Mixed Use Development - Lincolnwood (0068021219)
