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An investment fund managed by developer Allison Davis and Robert Vanecko, a nephew of Mayor Richard Daley, plans to auction off a site at 3012 – 3036 N Broadway St, the location of a proposed Dominick’s grocery story and the Broadway 3030 condo development, Crain’s reports.
The auction, scheduled for June 5, comes after an apparent default on a mezzanine loan to Broadway 3012 LLC. Developers refinanced the project last year in part through a $7.9 million loan from Davis and Vanecko’s Urban Broadway Mezz LLC.
Although another lender, First Bank, has not filed a foreclosure suit against the development, Hartshorne Plunkard Architecture filed a lien for $213,283 against the developers in March, according to the article.
The new 40,000 square-foot Dominick’s would replace the store destroyed in a fire four years ago. The residential portion of the development would comprise 53 one- to three-bedroom condos priced from the $310s to $1.28 million.
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Hopefully they will redesign the building with a new developer nicer unit layouts (my opinion). I was very interested in relocating from Lincoln Park to here, but when I saw the design of the units I was VERY turned off and never looked at it again.
Hopefully the buyer will revise the unit price points to something that will realistically allow this development to sell.
Nobody is going to pay $1.28 million to live above Dominick’s, nor will any 1 bedroom unit in Lakeview sell for a price starting in the $310s. It’s not 2006 anymore.
Any updates, did the auction go through?
The project did a bankruptcy filing just prior to the auction.
More details in this story at the Sun-Times.
Thanks Joe. BTW, YoChicago is great. I appreciate the site and enjoy the articles.
Joe, Do you have an update on this?
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