Ravenswood Corridor TIF Project approved
Ald. Gene Schulter (47th) has been at the forefront of the initiative to revitalize and place a Tax Increment Financing (TIF) district in the Ravenswood Industrial Corridor in the 47th Ward. The proposed designated project area includes: Ravenswood Avenue frontage from Irving Park Road to Lawrence Avenue, the former Ravenswood Hospital site from Wilson to Damen to Sunnyside avenues, and the alley east of Winchester Avenue.
The objective of a TIF is to restore neighborhoods and offer incentives to encourage new development and renovation of established properties without raising property taxes. A TIF is the difference between the amount of property tax revenue generated before a TIF district is created and the amount of property tax revenue generated after the TIF district is created. The difference in the property tax generated after the district is established is used to revitalize the designated area.
The Ravenswood Corridor TIF intends to bring the commercial and residential community together to improve the area. The financing will contribute to redeveloping the area and encourage continued economic growth. Many of the buildings are deteriorating and in need of restoration. A successful implementation of the plan allows for improvement to benefit the community and includes: general physical improvements and upgrades of properties and infrastructure; new high-tech industrial and office development; an increase in employment opportunities; increased economic growth from new business developments and rehabilitation of existing businesses; and improved overall appearance of the project area. A Future Technical Corridor of the 47th Ward task force will look into emerging technologies to integrate, to retain and to attract businesses.
Hotel 71 to become luxury condo hotel
The Falor Companies, a Chicago and Miami-based hospitality firm, finalized its purchase of the 39-story Hotel 71, located at 71 Wacker Drive on the Chicago River, in April with plans to convert the property to a luxury condominium hotel. It is the company’s third condominium hotel project to be announced in Chicago within the past 12 months.
“We sought out Hotel 71 because it has all of the right components for a smart condominium hotel. At this point in the game we know exactly what to look for in a hotel that will make it a successful conversion project for us, as well as be an asset to buyers,” said The Falor Companies’ President and CEO Robert Falor. “Before we invest in potential projects, we look at the building’s location, current condition, desirability and a number of other factors. Hotel 71 passed all of our tests.” The sale price was not disclosed.
The company plans to add on to the hotel’s recent $20 million renovation for a complete transformation totaling more than $38 million. The Falor Companies will invest approximately $18.5 million in refurbishments and upgrades to reposition the property as a four-star, four-diamond, full service condominium hotel. Renovations are scheduled to commence in 90 days and completed units will be delivered in December of 2005.
Scheduled renovations include the redesign of guest rooms with all-marble bathrooms, European bath fixtures, Jerusalem natural stone floors and plasma televisions, among others. Additionally, the company is currently in negotiations to sign on a new hotel operator, as well as a high-end boutique restaurant operator and a luxury spa operator to manage the new spa addition. Condominium hotel units are scheduled to go on sale this July with prices starting at $395,000. |
