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Harper Court's Second Phase Revived, But Is It Still 425 Condos?

By Sam Cholke | June 8, 2017 5:58am | Updated on June 8, 2017 1:01pm
 Harper Court's second phase is being revived but may no longer include plans for 425 condos in a 26-story tower.
Harper Court's second phase is being revived but may no longer include plans for 425 condos in a 26-story tower.
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DNAinfo/Sam Cholke

HYDE PARK — The second phase of the Harper Court development is being revived four years after the first phase was completed.

Ald. Sophia King (4th) will host a meeting at 6 p.m. Wednesday at Kenwood Academy, 5015 S. Blackstone Ave. for a presentation on the next phase from the University of Chicago’s Polsky Center.

It’s unclear what is planned for the development, which originally in 2010 called for a 26-story condominium tower to be built on top of the current parking garage as part of a second phase.

Representatives from the Polsky Center referred questions to university spokeswoman Calmetta Coleman.

“The meeting will focus on an approach to phase two that can build on Hyde Park’s growing reputation as a place for innovation and entrepreneurship while creating new opportunities for the local community,” Coleman said.

She said the new project will not be lead or funded by the university.

"The June 14 meeting will involve a project to expand the innovation and entrepreneurial footprint on 53rd Street and support local businesses and startups and create new jobs for the community," Coleman said.

She said the next phase would not include a request for significant tax subsidies as the initial phase did, and said she expected the meeting to be the first of several.

The university’s office tower, the numerous retail spaces and a Hyatt Hotel were supported by $23.4 million in TIF funding in 2010 and a $3.4 million discount on a part of the parcel that was then a city-owned parking lot.

The university also contributed $30 million toward the project and guaranteed the loans in what was a major first step in the university’s efforts to remake 53rd Street by buying property and investing in luring in new businesses.

The university bought the building from the development team in 2013 for an estimated $98 million and a year later sold it for $112 million to Clal Insurance Co., one of the largest financial institutions in Israel.

With the sale went rights to build 425 residential units as part of future phase.