Roosevelt Square > News > Construction Begins

CONSTRUCTION BEGINS ON TOWNHOMES AND CONDOMINIUMS AT ROOSEVELT SQUARE
Phase I of New Mixed-income Community on Near West Side
close to 60 percent sold

CHICAGO (May 31, 2005) - On May 16, boosted by recent approval of $9.7 million in TIF funds from the Roosevelt/Racine Tax Increment Financing District, LR Development Company, along with partner Quest Development, broke ground on Phase I townhomes and condominiums in the new Roosevelt Square mixed-income community on Chicago's Near West Side. Complementing rental apartments started in November 2004, these Phase I homes are close to 60 percent sold.

Located on the site of the former Chicago Housing Authority (CHA) ABLA Homes, Roosevelt Square is part of the transformation of this neighborhood into a thriving, mixed-use community. The area includes University Village, University Lofts, South Water Market, and new police and fire stations, as well as the University of Illinois, the Illinois Medical District and the burgeoning Taylor Street neighborhood. The new Fosco Park brings a 57,000-square-foot community center to the neighborhood, along with indoor swimming pool and outdoor water park, gymnasium, daycare facilities, community meeting space and a softball field.

Roosevelt Square's master plan reintegrates the 100-acre site with the street grid of the surrounding area. When completed, the community will total 1,351 for-sale residences and 1,090 rental apartments, including equal portions of market-rate for-sale housing, affordable rental and for-sale housing, and public-housing replacement units. The development's final phase is scheduled to reach completion by 2015.

The new community will bring a variety of attractive housing options to the area. Low-density buildings and landscaped open spaces will compliment a mix of townhouses, three- and six-flats and courtyard buildings in a variety of designs derived from traditional Chicago architecture. At the Roosevelt Square sales center, located on the northwest corner of Roosevelt and Racine avenues, prospective buyers can review nearly 30 different floor plans offered in Phase I alone. Condominium and townhouse sales began immediately following the 2004 groundbreaking for rental residences. The first new Roosevelt Square homeowners are scheduled to move in Spring 2006.

Founded in 1988, LR Development Company is a Chicago-based national developer of luxury condominiums, mixed-income communities and historic renovations. Recent condominium developments by LR include 340 on the Park - the first LEEDİ designed residential tower in the City of Chicago - and the Residences on Lake Shore Park located at Pearson Street and Lake Shore Drive in Chicago.