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	Plans move ahead for new projects Chicago and Evanston to get big developments Crain's Chicago Business May 19, 2003 Vol. 26, No.20 Despite jitters over a glut of new condominiums, there's still some spunk left in the market. Big new projects are planned for Chicago's West Loop and downtown Evanston - two neighborhoods developers think home buyers will continue to favor. In the West Loop, Jefferson Square on Kinzie will have 1,591 units in five highrise buildings. A combination of condos and expensive apartments, the project will be located on 4.5 acres on the block bounded by Clinton, Kinzie, and Halsted streets, and the Metra railroad tracks. The Chicago-based developers are Jameson Group and Fifield Cos. ³This will be among the top three largest developments to be built in Chicago over the next 10 years,² says Steve Mandell, director of acquisitions at Jameson Development LLC. The buildings will fill vacant railroad land and help complete a new neighborhood. The area already has a significant number of residential units at Riverbend condominiums just to the east, and at Kinzie Station to the north. A further boost for the neighborhood will come from a new one-acre park, along with a new 65,000-square-foot Jewel-Osco store. ³This is the last big parcel of land that needs to be developed in the West Loop,² says Mr. Mandell. ³This (development) is a natural progression for the neighborhood.² The project's first phase is a 38-story apartment building with 400 units. It will be built by the Fifield Cos. Construction and is expected to begin about a year from now. Apartment rents will range from about $1,350 to $2,000 per month. Units will have from 650 to 1,250 square feet. ³The building will appeal to the 25-35 year-old crowd,² says Steven D. Fifield, president at Fifield Cos. The building will have a media room, club house and computer café. Every unit will be wired for high-speed internet connections. Jameson plans a 35-story condominium tower with 300 units to start about two years from now, though the actual timing will depend on market conditions, according to Mr. Mandell at Jameson. Condo prices will be around $300 a foot, about average for West Loop properties. Three more towers will eventually be built at the development. One will be condos; the other apartments. It hasn't been decided if the third building will have apartments for rent or condos for sale. In Evanston, plans are moving forward for the downtown area's largest condominium project ever. The new Sienna development will have 343 units in six buildings at the corner of Clark Street and Ridge Road. ³Evanston is a good alternative for Chicago home buyers,² says Thomas Roszak, president of Roszak/ADC LLC, the Evanston-based project developer. Units will have from 700 to 2,500 square feet. Prices will range from about $175,000 to $700,000. Lower-level units will have an outside terrace. Upper-floor units will have a balcony. The project will also include rooftop terraces, a pool house, exercise facility and party room. Mr. Roszak expects his plan to receive city approval by June. He thinks project financing will be set by this summer. Sales should begin in August. Work begins on the first building this fall. Occupancy is planned for Fall 2004. The other buildings will follow as units are sold, Mr. Roszak says. Roszak/ADC 1415 Sherman Avenue Suite 101 Evanston, IL 60201 Main  847-425-7555 Sales  847-328-8200 Fax  847-425-7540 email inquiries: info@roszakadc.com copyright© 2003 Roszak/ADC. All rights reserved.