Mavrek Development is planning to replace a strip mall at Sheridan and Sunnyside with a 59 unit upscale apartment building. Associated Bank just announced $12.9 Million financing for the redevelopment of an existing shopping center at 4501 North Sheridan Road in Chicago.
An article in Newsroom Associated Bank states that the development will be a joint venture between Mavrek Development and GW Properties. Mavrek Development will also act as the general contractor.
The project will include the following:
- Demolish the existing shopping center and parking lot
- Build a new five-story, mixed-use building
- Consist of 7,035 square feet
- Ground floor retail space
- 59 apartments
- 36 surface parking spaces
NORR Limited Architects & Engineers (NORR Illinois Inc.) are the architects for this project.
The apartment mix will include:
- 11 studio units
- Four junior one-bedroom units
- 36 one-bedroom units
- Five two-bedroom units
The developer is constructing larger unit sizes for this project instead of the traditionally smaller ones currently available in the Uptown area.
The new apartments will feature the following amenities:
- In-unit laundry
- Built-in workstations
- Private recessed balconies for each unit
- Outdoor green roof on second floor
The property is 0.3 miles from the Wilson Avenue Purple/Red Line L Station.
Marek Development specializes in commercial and large residential developments. GW Properties has expertise in retail and mixed-use properties and practices respectful development through its collaborative approach of uncovering opportunities, optimizing value and enhancing communities.
Looking for more Mixed-Use Projects in the Chicago Area?
This is Associated Bank's first loan with Mavrek Development and its 14th with GW Properties.
Associated Bank's Commercial Real Estate division provides commercial real estate developers/owners/operators with an array of financing solutions. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.
DataBid is currently reporting on this project - Sheridan & Sunnyside Residential Development Uptown - Chicago (0065021121)