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Ravenswood Terrace Residential Project Dead?
By Mike Fourcher | Thursday, December 15, 2011

The publicly proposed rendering of the 162 Ravenswood Terrace units, which would be located just north of the proposed Ravenswood Station project at Lawrence Ave. and the Metra North line.

Real estate news site GlobeSt.com is reporting this morning that the Ravenswood Terrace project, a $50 million project first reported by Center Square Journal, is dead. The residential project would be sited immediately north of the Ravenswood Station commercial project on Lawrence Ave. and the Ravenswood Metra North station.

The publication says that developer Magellan Development Group has withdrawn from the project because, “the community has rejected,” a planned 11-story residential building that would be part of the project.

Center Square Journal reported that at the December 1 community meeting on the Ravenwood Station retail project there was little mention of a residential component and that following the meeting, Ald. Ameya Pawar (47th) stated that both the residential and commercial projects would be review by him and approved simultaneously.

[See submitted plans for Ravenswood Station. See submitted plans for Ravenswood Terrace.]

Plans for Ravenswood Terrace displayed on Ald. Pawar’s website do not outline an 11-story building, only “3 to 6,” “6-story” buildings.

GlobeSt.com reports that Ravenswood Station, the commercial project that includes a planned Mariano’s grocery store, is still underway.

The second community meeting on the Ravenswood Station/Ravenwood Terrace developments is scheduled for 6:30 p.m. this evening at McPherson Elementary School, 4728 N. Wolcott Ave.

Ald. Pawar did not respond to requests for comment or confirmation by publication.

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  • David Barnett

    At a community meeting Thursday night, they presented a slightly retooled proposal that looked very much alive — It has one six story building  with a roof top deck on one side with mostly three story three-flats around it (no decks on their roofs).  There were a few changes from the earlier proposal. This development is for rentals – one and two bedrooms, and perhaps some studios. The final plans are still in flux as they want to address some comments from the meeting’s attendees.

    Bigger concerns from attendees include parking. There seems to be adequate parking for the retail and residential but there won’t be parking for Metra riders or for workers at Newark on Ravenswood. Sears shoppers will apparently share parking spaces with users of the health club the developer hopes to install on the first floor of the retail building. My concern is the number of people who will then park in the neighborhood. It is already a lot and this will just make it that much harder. Alderman Pawar said they are going to look at parking solutions for this part of the ward before the project starts (assuming he moves it forward with the TIF request for the retail component of the planned unit development.

    • niuguy

      The last plans I saw of the Mariano’s project seemed to have excessive parking!  I wonder if they could work out a deal to share it…

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