“We are using a variety of incentives to encourage development throughout the City,” Acting Department of Community Development Commissioner Chris Raguso said. “We are working to bring new housing and commercial space to a historic downtown building while also ensuring that our neighborhoods remain strong and vibrant during these challenging economic times.”

Randolph Tower City Apartments

The CDC today approved a plan to redevelop the vacant and historic Randolph Tower in the Loop at 188 W. Randolph into 310 apartments, retail and commercial space.

The action recommends the designation of Village Green Companies as the developer for the proposed $145 million renovation.

Plans call for the mixed-use building, formerly known as the Steuben Club Building, to be converted into 168 studios, 98 one-bedroom and 44 two-bedroom units. Sixty-two of the residential units will be made affordable to households at or below 50 percent of area median income. 

Village Green bought the 45-story office building out of bankruptcy in 2005 and will convert the 80 year-old structure into apartments. Plans also include 9,500 square feet of ground floor restaurant and retail space. Village Green will occupy 11,400 square feet on the second floor and turn it into its Chicago regional office. 

Amenities will include a fitness center, swimming pool and spa. A social club will be located on the 38th and 39th floors, offering 360° views of the City’s skyline and Lake Michigan.

The Gothic-style building will have extensive work done to preserve its historic terra cotta façade and other ornamental details and a gut rehabilitation of the interior. 

The renovation will create a bustling mixed-use building that will attract residents and customers, be a major generator of tax revenues and preserve the historic character of the area.

The CDC also approved a redevelopment plan for the proposed Randolph/Wells TIF district. Creation of the TIF district will support the renovation of Randolph Tower and help redevelop other underutilized and vacant office buildings in the redevelopment area.

The developer has requested $34 million in TIF assistance for the renovation.

New Moms

The CDC also approved an agreement for the sale of vacant property located at 5327 W. Chicago Ave. to New Moms Inc. if no alternative proposals for developing the parcel are received.

Under a proposed plan, New Moms plans to build a 50,000 square foot residential home for teenage mothers and their children on the site of the former 15th District Police Station in the Austin community.

The four-story building will provide 40 units of permanent supportive housing for teenage mothers who are at-risk of homelessness. The $11.3 million complex will also include a day care facility, meeting rooms, administrative offices and training space.

Under the proposal approved today, the property valued at $250,000 will be sold for $1.

New Moms will offer teenage mothers parenting classes, job training and educational opportunities that they will need to become independent, self-supporting women.

Since 1983, the grass roots organization has provided housing and support services to over 1,000 teenage mothers and their children.

In other action, the CDC gave authority to issue a request for proposals for the redevelopment of the former Engine Company 18 firehouse at 1123 W. Roosevelt Rd. on the City’s Near West Side.

Chicago’s oldest firehouse, Engine Company 18, was built in 1873.

Through the RFP process the City will seek a development entity that can redevelop the site into a commercial or mixed-use development.