For the second time in as many months, a developer is proposing the construction of apartments, not condos. First the Ravenswood Terrace project on Lawrence Avenue was announced as rentals, and now Earthwood Development is presenting revised plans for 4232-38 N. Western Ave., currently the site of a vacated laundromat. We smell a trend.
In its zoning application, Earthwood states: “We are seeking to build 18 units, but of smaller size than a previous plan for 12 at the site. This, of course, is due to the radical change that the real state market has experienced in the last few years. Three-bedroom 2 1/2-bath luxury units are no longer what’s practical to construct for sale or for rent.”
If approved, construction is projected to begin in spring 2012, with completion scheduled for spring 2013. Earthwood estimates the development will cost $3 million (no city financing, aka TIF money, is being sought) and will create 30 part-time construction jobs.
According to its application, Earthwood will seek Chicago Green Home Two-Star certification; the development will feature permeable paving in its parking area, high-efficiency HVAC equipment, and Energy Star lighting and appliances.
A public meeting to review the project is being held tonight, Jan. 30, 7:00 p.m., Revere Park Fieldhouse Auditorium, 2509 W. Irving Park Rd. Neighbors are encouraged to attend, meet the developers and pose any questions or raise any issues they have with the proposal.