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Structured Development selling Cabrini-Green-area apartment building

Structured’s J. Michael Drew and 1457 North Halsted Street

Structured Development listed an apartment building in the former Cabrini-Green area, as it turns its attention to other projects.

The Chicago developer hired Eastdil Secured to market the 199-unit Residences at New City at 1457 North Halsted Street, according to Crain’s. Structured founder J. Michael Drew said he expects the 16-story building to sell for a price in line with what other Downtown luxury rental projects sold for lately, which could work out to more than $90 million.

Structured built the massive New City mixed-use project in 2015 on the northern end of the Cabrini-Green neighborhood.

It is now developing the Shops at Big Deahl complex nearby. The developer also plans to build a 197-unit apartment complex on the current site of the nonprofit Menomonee Club community center at 1535 North Dayton Street, and in exchange will build a 50,000-square-foot center for the club at Shops at Big Deahl.

The projects are part of a continuing redevelopment of the area in and around the former public housing complex, which was torn down between 1995 and 2011.

Holsten Real Estate Development just this week went before a city panel seeking $12 million in tax increment financing for a 134-unit apartment project in the area, which would join an 88-unit townhome complex that Holsten is building nearby. [Crain’s] — John O’Brien


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