3030 North Broadway

Type:

Mixed-Use Development

Status:

Unbuilt

Budget:

$51,000,000

Financial Sources:

Conventional Construction Loan
Private Equity/ DV Urban Realty Partners
Mezzanine Financing / Wanxiang
Conventional Construction Loan


3030 Broadway was a fee development/consulting project for a real estate investment fund. The project is on the site of a Dominick’s grocery store that burned down in 2005. The original redevelopment plan was a mixed-use development comprised of a Dominick’s store and luxury for-sale condominiums. When the project faltered the developer put the project into bankruptcy. We were able to purchase the property mortgage from the lender and propose a mixed-use development comprised of 80,000 square feet of retail space and 50,000 square feet of apartments. We were able to initiate re-zoning of the site that had been down-graded by the Alderman and engage the community in a constructive dialogue resulting in the stronger overall development proposal.