Evanston officials this evening said the decision by the John Buck Co. to put its 283-unit Park Evanston rental apartment tower up for sale is likely to lead to a significant increase in tax revenue for the city.
Crain’s Chicago Business first reported earlier today that the property is on the market, and said it’s expected to go for about $100 million.
The officials say they believe the building’s current tax assessment is substantially below what it would be reset at if the sale goes through at the projected price.
But Assistant City Manager Judy Aiello said at the city’s Economic Development Committee meeting that she hopes the Buck Company continues to manage the building after the sale. “Having locally-owned management is of benefit to us,” she said.
The 24-story apartment building at 1630 Chicago Ave. and the adjacent retail space anchored by a Whole Foods Market are being marketed by Holliday Fenoglio Fowler L.P. The building, completed 10 years ago, reportedly is 99 percent leased with rents topping out at over $3,600 for a three-bedroom unit.
At the EDC meeting, Planning Director Dennis Marino reported that permits were issued this week for construction of the Winthop Club condo project at 1567 Maple Ave. and that The Eastwood, a condo development at the former Evanston Theater site on Central Street, went through final site plan review today.
Alderman Ann Rainey, 8th Ward, said developers of the Bristol Project on Howard Street report strong interest from prospective tenants in that building. Construction there reached the 16th floor this week, just one story away from topping out the project.
“We have this group of nattering nabobs of negativism in this town,” Ald. Rainey said, “who say the world is coming to an end, everything is horrible, nothing is good and the market is going to kill us all.” News about the continued strength of the market here should prove claims like that wrong, she added.