More development heading to Roosevelt Road corridor
BY DAVID ROEDER AND FRAN SPIELMAN Staff Reporters March 26, 2012 6:32PM
The developer Bond Cos. has proposed a mix of new stores and apartments on the north side of Roosevelt Road between Canal and Clinton.
Updated: April 28, 2012 8:10AM
A developer has asked city officials for authority to build a residential and retail complex that would mark an expansion of the Roosevelt Road shopping corridor.
Bond Cos. would build the complex on the north side of Roosevelt between Canal and Clinton on a nearly full-block site, part of which was the home of Chernin’s Shoes.
It would contain nearly 200,000 square feet of stores plus 444 rental homes. The design by the architectural firm Gensler groups the apartments into sections that rise six levels from a two-story base.
Robert Bond, president of the development firm, said that if the city grants his zoning request, he’d like to start construction in July, although he needs to finalize bank financing and perhaps find an equity partner.
“We are finding a point of some unmet demand,” both for the retail and residential uses, Bond said.
The Roosevelt corridor has become prime ground for large retailers such as Target, Whole Foods and Best Buy, but smaller stores have been slow to arrive. A project at Roosevelt and Clark called Roosevelt Collection is mostly vacant.
Bond argued that shoppers will have better access to his site, with both Canal and Clinton being two-way streets. His development would have parking for 885 cars.
He also said growth in the South Loop and West Loop has stoked demand for housing, yet most of what’s being built is north of Madison Street.
The site is in the 2nd Ward represented by Ald. Robert Fioretti, who said the scale of the construction is “very reasonable and rational.”
Fioretti said the project needs more review by community groups. While the project itself shouldn’t generate a lot of traffic, Fioretti said the city needs to consider public works projects to alleviate jams, such as building a Taylor Street bridge over the Chicago River.
The zoning application starts a hearing process before city agencies that typically lasts several months.
In 2008, Bond and Gensler partnered to build the Center on Halsted at 3656 N. Halsted, which includes a Whole Foods and a community center.