Hyde Park condos may replace shopping plaza
REAL ESTATE | 150-unit project has resident support, needs city OK
A developer has asked city officials for authority to tear down a 1960s shopping plaza in Hyde Park and replace it with high-rise housing built over new stores and offices.
The project involves a 2.5-acre parcel at 5101 S. Harper, currently the home of the Village Center shopping mall. The property owner, Antheus Capital LLC, wants to build 150 condominiums atop a parking structure and a commercial base.
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Antheus is believed to be the largest property owner in Hyde Park besides the University of Chicago. The site is about a block from the U. of C.-owned Harper Court shopping center, for which the university is soliciting developers' proposals.
Eli Ungar, Antheus chairman, said the company is well-capitalized and isn't afraid of starting its project in a slow market for home sales. "Hyde Park is different," he said. "It hasn't seen a lot of new construction in the last 20 years."
The proposal groups the condos in a 22-story building and a separate mid-rise. Peter Cassel, Antheus' director of community development, said they will be connected by parking for 519 cars and 116,000 square feet for retailers or offices.
The plan is contained in a request for zoning change filed at City Hall. The request starts a hearing process that could lead to a City Council vote.
Antheus turned to the city after its proposal drew generally favorable reviews from community groups. Ald. Toni Preckwinkle (4th) said she supports the zoning change.
George Rumsey, president of the Hyde Park-Kenwood Community Conference, praised the design and said he's confident Ungar can finance it. "He and his architects know how to listen to people and to respond," Rumsey said.
The developer hired well-known Chicago architect Jeanne Gang to design the complex. Gang employs sunscreens that the residents can open or close, changing the building's appearance depending on the time of day.
One potential hitch is that a grocery store in the plaza, Village Foods, has refused to be bought out of its lease. Cassel refused to discuss the negotiations with the grocer, but said the project can be built in phases if Village Foods remains.
Antheus is based in New Jersey and concentrates its investments in Hyde Park and Kansas City. It is marketing another new Hyde Park site, a 28-story condo building set for 56th and Cornell.
Also, property records show Antheus paid $16 million for the landmark Shoreland Hotel at 5554 S. South Shore Dr. The U. of C. leases it for student housing but could leave the location before the next academic year starts.
Cassel said Antheus is examining options for the property.