Evanston Insider

The ongoing and fiercely contested debate over the proposed Klutznick-Fisher Development 49 story Fountain Square Tower to be built on 708 Church Street turned the page on another chapter in late February. Local residents and members of the Evanston Coalition for Responsible Development attended the regular Planning and Development Committee meeting to express their concerns and opposition to the project.

The Daily Northwestern reported that the citizen group was well prepared to present their side of the argument and had an ample supply of printed material to back up their concerns. The group even maintains a website that debunks what they claim are ‘myths’ about the supposed benefits that the high-rise will bring. Some of the most common ones they pinpoint are that the development will add almost 2.5 million in yearly tax revenue, which they claim is inaccurate.

What could have been a heated debate was postponed because other city business caused the meeting to run late. The next meeting is scheduled for March 10th, but the planned agenda is likely to run late again, so another meeting has been set aside on March 17th to specifically discuss the proposal.

In other business, the request for $300,000 to help fund three affordable condos in a project on 241 Callan Avenue was defeated. A previous post covered that proposed project.

There’s no way to predict if the Fountain Square Tower will break ground or not. If it does, it will rank as the tallest suburban residential building outside of Chicago Condos high-rises.

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Evanston Place, located on 1715 Chicago Avenue, is one of the larger apartment complexes in the community. Besides the 189 luxurious units, residents also benefit from a number of building amenities and services, most of which you would only expect to find in a luxury condominium high-rise. Residents get to enjoy a roof top swimming pool that is heated and ready for swimming all year long. There is also a beautiful professionally landscaped roof top garden and sun deck. And to help meet the workout needs of residents, there is a new fitness center where you can keep in shape without having to drive to a gym someplace.

Even more services at these apartments include concierge service and reserved indoor parking in the garage. A business center provides a place to work away from the office or hold meetings with colleges. High speed Internet is wired in as well. Transportation isn’t a problem either because the train station is within walking distance from the apartments. Even the inviting beaches of the lake are also just a short distance away.

One year leases are available for these unfurnished apartments. The units range in size from 567 to 1,968 square feet and floor plans vary from studios to three bedrooms and one to two and a half baths plus a balcony. The kitchens are chef quality and have built-in microwaves and European style cabinets. Monthly rents fall between $1,489 to $3,830 plus a $500 deposit. Cats are welcome.

New Home Construction in Chicago and the surrounding communities is still on the rise, so there is a nice selection of condos and apartments from which to chose.

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A probable result of the slowing condo market is the delay of a new condo complex that was slated to begin work by March 5th. The Daily Northwestern reported that the Evanston City Council approved a request to push back the start of the Central Street project, Eastwood of Evanston, for as long as 13 months.

Normally a developer must begin construction work on a project within a year of getting a building permit. But developer Robert Horne wasn’t certain that he could garner enough sales for his project by the original deadline. Located at 1700-1722 Central Street, the complex will contain 47 units plus retail space.

A few stipulations were attached to the extension that was granted. Horne must put up a construction fence and keep the site maintained effective from 15 days after the new construction date of May 1st in 2009. Mr. Horne countered that he might need another 30 days past May 15th to secure enough sales to warrant actually starting construction on the project. The committee agreed to revisit the issue in May of 2009 and act accordingly with their findings.

This situation is a typical example of the problems facing developers today, especially developers in smaller communities, but also those who build larger Chicago Homes. The weaker market conditions make it more difficult for developers to sell the magic 50 percent of units to gain financing, and lenders are sometimes even requiring that more than half the units be contracted before they will sign on to fund the project.

Technorati Tags: Eastwood of Evanston, Evanston Illinois, Chicago Real Estate