According to documents filed with Ald. Ameya Pawar’s (47th) office last month, developers Silver Rock Development Group and Sears Holdings are moving forward with the Ravenwood Station development at 1800 W. Lawrence Ave. The $48 million project with 286,000 square feet, is seeking $4 million in Tax Increment Financing (TIF) money and is projected to break ground in August 2012 and to be completed in March 2013.
The project would be completed in two phases, with 161,144 square feet of retail, including a Mariano’s Fresh Market, a bank and a new space for the Sears Tire & Battery store. The second phase would include 125,373 square feet and 160 units of condos, built north of the retail space and next to the Metra tracks.
This new application is a reboot of sorts for the project, which was to be previously developed by close allies of former Mayor Richard M. Daley, Magellan Development LLC with legal representation from Daley & George, the law firm of Michael Daley, the former mayor’s brother. This new proposal includes Magellan, but not as the lead developer. The previous proposal also included a condo tower on top of the retail space, which was loudly opposed in a May 2010 community meeting.
Some of the opposition was rooted in neighbor concerns that so many new residential units in the area would depress real estate values, a concern likely to return with the new proposal.