Developers have secured construction financing to build a $155 million mixed-use project on the site of the former Purple Hotel in Lincolnwood.
Tucker Development, with equity partner AECOM-Canyon Partners, has secured financing and started work on the project that, when completed, will include 299 apartments and an Amazon Fresh grocery store.
Crain’s Chicago Business reports that the development at Lincoln and Touhey Avenues ends a saga that lasted nearly 15 years, “with redevelopment plans frustrated by multiple lawsuits, bankruptcy and planning snafus.”
Tucker CEO Richard Tucker says Pacific Western Bank, which like AECOM-Canyon is based in Los Angeles, is providing a $101 million construction loan. Work is expected to wrap up in 2023.
“We couldn’t be happier,” Tucker told Crain’s. “We are full-bore ahead.”
The Village of Lincolnwood approved a $31 million tax-increment financing subsidy in 2019.
In addition to the Amazon Fresh store, there will be 40,000 sq. ft. of additional ground floor retail, and two restaurants have leased about 15,000 space. Tucker says another 25,000 sq. ft. still are available for leasing.
“We’ve had a lot more interest now that we’ve broken ground,” he said.
Tucker named the project District 1860 after Abraham Lincoln, for whom Lincolnwood is named.
