Shorewood greenlights $35 million retail, apartment development
Final approvals made on development, parking agreements
Jan. 5, 2012 | 5 comments
Shorewood - After extensive review and discussion throughout 2011, village officials on Monday approved several agreements that paved the way for a mixed-use development on the village's northern end.
The Village Board approved development and parking agreements for LightHorse 4041, a project that will include a multi-story apartment complex and lower-level retailers, including Walgreens. The entire project, to be constructed west of North Oakland Avenue and south of East Kenmore Place, carries a nearly $35 million price tag and will be funded in part through a village loan and grant. Mandel Group, the developer, plans to begin construction on the project in the immediate future.
When the work is completed, LightHorse 4041 will include 84 apartment units and two parking structures.
A tax incremental financing district - the fourth in Shorewood - is being created to help fund the project. The village has agreed to contribute nearly $8.3 million toward the work. As part of the developer's agreement, Mandel will be receiving $4,040,000 in the form of a grant and $3,535,000 in loans.
Throughout the review, the village enlisted the services of Ehlers, a public finance firm. Michael Harrington, chairman and chief financial officer, said he reviewed Mandel's finances and recommended moving forward with the loan and grant process. The review, he said, included an analysis of Mandel's financial statements and a meeting with the firm's financial adviser.
"In the event the numbers don't pan out ... the developer has agreed to step up and make up the difference," Harrington said of cost projections for the work.
Resident John Collopy expressed a concern that has been echoed throughout discussion of the LightHorse 4041 project. Collopy inquired why Mandel did not seek out "conventional sources of capital" while planning the redevelopment project.
Given the magnitude of the work - including land acquisition costs - Harrington said it is common for municipalities to offer funding assistance to bring projects to fruition.
"A number of things aligned to make this project possible," said Pete Petrie, chair of the village's Community Development Authority. "It's a very unique situation, given the location and low interest rates. With all of the factors, it's pretty much now or never."
The village also approved a parking agreement. Consultant Bruce Block has been working with the village and the various parties involved in finding an equitable division for the two-story parking structure. An estimated 26 parking spots will likely be earmarked for overnight parking within the entire development, which will have nearly 100 stalls. Many stalls near the commercial establishments will have two-hour parking restrictions between 6 a.m. and 8 p.m.
"This has been a tough balancing act," Block said of the parking agreement. "After the dust settles, it can be revisited."
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Do those 2 hour parking restrictions come w/ meters or will they just be randomly overseen by the parking checkers and ticketed?
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"After extensive review and discussion throughout 2011, village officials on Monday approved several agreements that paved the way for a mixed-use development on the village's northern end."
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Canubelieveit: Become a corporation and you will be on your way to finding new friends...like Romney and maybe a few municipalities too.
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"In the event the numbers don't pan out ... the developer has agreed to step up and make up the difference," Harrington said of cost projections for the work.
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Back to topTruman Burbank - Jan 06 at 6:39 AM - Report Abuse
Is this 5/6 story parking structure going to be connected in any way to the adjacent apartment/condominium complex that is being built and services those residents?
Will there be an underground walkway or any enclosed connecting corridor to protect the residents from the elements/facilitate the loading/unloading of items or will they have to leave the parking structure go outside and walk across the way to then enter the apartment/condominium complex?
Is it possible that there is an elevator that goes underground in the parking structure (which I believe doesn not have below surface parking) and the residents can walk across the way to the lower level of the Walgreens/apartment/condo building and then go up from there?
I would think that some type of enclosed walkway would be not only safer (ie last thing seniors/handicapped or anyone else needs is to slip on the ice/walk outside into the rain/heavy snow to make it to their cars or repeated trips outside to retrieve items from the adjacent parking structure/living quarters) but also be an enhancement in fully capitalizing on what one can charge for the residences.
I literally have no idea and since I don't believe any of this has been written about or the specifics as to what this parking structure will look like/encompass, I thought I'd ask.
Truman Burbank - Jan 06 at 4:04 AM - Report Abuse
BTW, if I have to pay for parking to go into Sendik's (if I ever choose to after Metro market rolls into town) knowing that they are the highest priced of the grocery stores around and now parking will cost $$, though nominally, they will most likely just work their way out of my shopping destinations.
Will the overnight parking spaces dedicated to the public be in the parking structure that houses Walgreens or in the stand alone 5/6 story structure behind Sendiks? Will the spaces be on ground level or will the permit holders have to park on the top level?
Is there an elevator in this parking structure?
I would think so since many of the residential units will be geared toward empty nesters looking to stay close to home when they sell their houses.
Will there be security in this parking structure because if I am looking to rob someone and there are 5 levels of BMW's, Lexus, Camry's et al filling this parking structure at night, then there might be some well to do easy targets to hit up for valuables/$$$. Just asking?
Truman Burbank - Jan 05 at 9:51 AM - Report Abuse
Now, what's missing from the above quote? Anyone, Anyone??
I believe the public/Shorewood taxpayers were pretty much left out of the loop on these discussions until everything was put together and presented/printed in various news outlets. Just couldn't leave that alone. No input from residents or meetings offered to solicit concerns/address questions when this was in the planning stages.
Also, the $8,300,000 figure does not include the additional $1,000,000 that was added to the cost of this project after preliminary approvals so they could add another level to the stand alone parking deck.
In addition you have the $200,000 that the village gave/will be giving to Sendiks and additional $150,000 in the form of a low interest loan.
This project isn't costing anywhere near $8,300,000.00.
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"Given the magnitude of the work - including land acquisition costs - Harrington said it is common for municipalities to offer funding assistance to bring projects to fruition."
The only land acquired in this deal was from Dan Katz. The other parcel was Village owned which was probably given away for a song. SO, on that note, how much was paid to acquire Dan Katz's parcel since that seems to have been a big factor contributing to the "magnitude" of this development? I know, no reply...
deanpatrick - Jan 05 at 9:50 AM - Report Abuse
canubelieveit - Jan 05 at 9:20 AM - Report Abuse
?????????? Why don't the Wizards of Shorewood let the developer "step up" NOW? Gee, I can pay my mortgage, but, can you provide me with the funds to do it? Let's look to the recent past....... Give the owner of the North Shore Bank building upgrades to the facade, windows, window treatments,awnings and what the Village believes is "art" increase the value of the property for the owner (individual, not the bank)and now being sold by the owner. Could Shorewood give me a wad of cash... or interest free loan to upgrade my property. Then, I can sell it. In the meantime, could they create a TIF for me and my family? I hope this year was the last year that I dropped off my check with my tax bill!