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The publication says that developer Magellan Development Group has withdrawn from the project because, “the community has rejected,” a planned 11-story residential building that would be part of the project.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