EDGEWATER — An office building on the hinges of Andersonville and Edgewater will be transformed into 10 high-end apartments after being bought by real-estate developer City Pads LLC, according to a report from Edgeville Buzz.
Built in 1974, the Hollywood Precision Building, 5701 N. Clark St., is a 3-story building with offices and a parking garage. It was purchased for $975,000 and is slated to become eight two-bedroom apartments and two one-bedroom units with one of those units being an affordable-rate property, according to Edgeville Buzz.
Some of City Pads other developments have included: 4022 N. Sheridan Ave., 2300 S. Michigan Ave. and 619 S. LaSalle St., according to its website.
Work has begun on the building and is expected to be completed the next nine months. Renderings of the new building are available here.
The new apartment building will be directly across from the former Edgewater Medical Center at 5700 N. Ashland Ave., which was purchased by MCZ Development and is slated to become a 141-unit apartment complex. MCZ also owns the site of the medical center's parking garage, which is slated to become luxury homes.
The building, which developers applied for $10.7 million in TIF funds to finance, would include 9 studios, 100 one-bedroom units and 32 two-bedroom units, with a total less than the 213 units originally proposed. Of the 141 units, 29 would be affordable housing, developers said.
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