Mid-rise condo building slated For Cullerton and Wabash site
By Marie Balice Ward
A one-acre site at 1935 S.
Wabash Ave. soon will be developed as a residential property with 180
condominiums, announced Jay Feeley of Sedgwick Properties, the project’s
developer/contractor and architect. Named the Terrazio, the seven-story,
all-masonry building will include a courtyard above the first floor.
“We wanted to bring a ‘neighborhood’ style building back into the community,” Feeley said. “We are invested in the South Loop,” he added, noting Sedgwick Properties also is building a 25-story tower on Michigan Avenue. "We have been very successful in the South Loop. It is a great residential marketplace.
“About 30% of the 180 units at Terrazio have already been sold," Feeley continued, noting the company’s marketing is geared toward young professionals, ages 25 to 40. The building will offer mostly one- and two-bedroom units, with some three-bedroom ones, all with outdoor space. Sizes range from 700 to 1,300 square feet, with prices ranging from the high $100,000s to $300,000s. “We are bringing more affordable options to the community,” Feeley said.
Plans include about 11,000 square feet of retail space on the ground floor, two lobbies, and four elevators. The building will provide parking for 178 cars, a higher ratio than required by zoning laws, Feeley said. About a dozen parking spaces will be reserved for retail customers, and parking will be accessed from the alley, which is larger than most alleyways, he added.
Amenities include full landscaping in the courtyard, including a fountain, as well as a wading pool, outdoor grilling area, dog run, green roof, and fitness and business centers.
Razing the structure currently on the site will occur in October or November, and construction will begin in spring 2008.
In reply to a query from 3rd Ward Alderman Pat Dowell, Feeley said Sedgwick has contacted the Second Presbyterian Church located at the same intersection concerning parking and other issues. The developer also has presented its plans to several community groups and received favorable reactions to the proposed development, Feeley said.
Dowell said, “This development is pumping new life in the area with more residential and retail opportunities. I also am also very pleased with the developers’ willingness to meet with the various community groups, business leaders, and other neighbors.”
For more information, log on to www.terrazio.com.
