From a news release received this morning:
In a letter issued today to Lincoln Park residents, Sandz Development Company principal and long-time Lincoln Park developer, Richard Zisook, wrote of both good and bad news for supporters and neighbors of Webster Square. On the positive side, wrote Zisook, the revised Planned Development negotiated with Alderman Michele Smith as a condition of her support was passed by City Council and the lawsuit brought by former Alderman Marty Oberman has been settled. The bad news is that The Fresh Market has terminated its lease agreement for the garage site due to changes mandated in the revised PD.
The revisions to the PD include replacing the planned 40-unit condominium building on Grant Place with 8 zero-lot-line home sites and the substitution of 75 rental apartments in lieu of office space on the top 5 floors of the Geneva Terrace building. Regarding the retail space in the former garage building across Webster, the revised PD adds a second loading zone on Lincoln Avenue (in addition to the enclosed dock on Webster) where all semi-trailer deliveries must be made. As Zisook writes, “Citing the newly mandated loading requirements, The Fresh Market has terminated their lease.”
Zisook, however, remains optimistic. “While we are extremely disappointed that the mandated changes to the development caused the loss of The Fresh Market, we are moving forward with efforts to secure a new tenant or tenants for the space as soon as possible,” Zisook declared in his letter.
Regardless, Zisook says construction is going ahead full steam. “The garage rehabilitation is well underway, and the internal demolition and rehabilitation of the Geneva Terrace building is scheduled to begin by the end of the year. We also plan to open up a sales center for the Webster Avenue condominium building in the spring of 2012.”