The City Council has approved selling a parcel of city-owned land for inclusion in a planned 232-unit rental apartment development.
The parcel, in the 700 block of Chicago Avenue, is now used for parking by an auto dealership that would be demolished to build the apartment complex.
Aldermen had postponed adoption of the sale agreement earlier this month so it could be amended to include a reverter clause that would let the city reclaim the site if the developer fails to follow through with construction of the complex. With the amendment the sale was approved Monday night.
The sale of the property to AMLI Real Estate Development Co. will net the city $900,000. The developer already controls the two other parcels required for the project, which runs from Kedzie Street south to the existing shopping center on the east side of Chicago Avenue.
The development project drew no neighborhood opposition at a Plan Commission hearing Aug. 13.
The commission was scheduled to vote on the project Sept. 10, but that meeting was cancelled for lack of a quorum.
It’s now expected to be acted on at the commission’s Oct. 15 meeting.
The project will then go to the Planning and Development Committee and the City Council for final action.