THE JOURNAL & TOPICS NEWSPAPERS | WEDNESDAY, MARCH 29, 2006
Guarantee Makes Way For Phase III Construction Loan
By DWIGHT ESAU
Journal Reporter
Events continue to move slowly on Phase III of the Uptown redevelopment in Park Ridge, despite the passage Mar. 20 of the city's loan guarantee to PRC Partners.
The guarantee cleared the way for LaSalle Bank to proceed with a construction loan to the PRC team for five commercial and residential buildings plus a parking garage on the triangular-shaped site formerly occupied by the city's water reservoir.
Construction is tentatively slated to begin in early June, after a planned June 1 land purchase closing, according to Juliana Maller, assistant city manager. The city is selling the former reservoir site to PRC Partners for something over $9 million.
While construction on phases I and II of the Uptown redevelopment is proceeding pretty much on schedule, Phase III has been delayed for several months by a lawsuit filed by resident Charles Baldacchino. The bank requested the guarantee because the lawsuit is pending in Cook County courts on appeal.
Later this year, occupancy of 24 townhouses and rowhouses in Phase I will begin. Early this fall, a major national specialty grocery chain will open one of its stores in the Phase II area on Northwest Highway,.
After construction begins in June, the signing of leases by other retailers and restaurants in the $120 million development should start taking place again. In addition to the specialty grocery, leases have been signed by three other establishments - a clothing store and two restaurants.