City of Chicago and University announce developer for Harper Court

posted by chicago pop

Newsflash!

From the U of C's website (January 14, 2010):

The City of Chicago and the University of Chicago on Thursday announced that Vermilion Development has been selected to redevelop the Harper Court retail complex in Hyde Park.

Vermilion, which has extensive experience in mixed–use developments, was recommended by a joint committee comprised of Department of Community Development planning staff and staff at the University of Chicago.

Vermilion was selected from among 12 development firms who responded to a Request for Qualifications that described the development opportunity and requirements for submitting a proposal for the 128,000–square–foot site.

“This creates an exciting opportunity to redevelop this portion of 53rd Street by creating commercial and retail space that complements the surrounding community,” acting DCD Commissioner Chris Raguso said. “The proposed development will complement and enhance other nearby revitalization efforts, helping to ensure Hyde Park’s future economic viability.”

“As a result of thoughtful and creative input from Hyde Park residents and business owners, we have an excellent development proposal that will serve both the neighborhood and the many visitors to Hyde Park from throughout the city and beyond,” said Ann Marie Lipinski, Vice President for Civic Engagement at the University. “The commitment to Hyde Park’s vitality by both the city and the university is very strong, and this project is a powerful demonstration of that commitment.”

“I am grateful to my staff, DCD personnel and University of Chicago staff for their hard work over the last year on this project,” said 4th Ward Alderman Toni Preckwinkle. “The development team which was chosen will transform commercial development in Hyde Park.”

The project is a partnership between the City, which owns an adjacent parking lot on South Lake Park Avenue just east of Harper, and the University, which owns the current retail properties.

Vermilion’s proposal calls for redeveloping the 40–year–old shopping center located at 5211 S. Harper Ave. by demolishing the existing center and replacing it with a mixed–use development.

The proposed $200 million development will be built in three phases that may include a mix of unique dining, entertainment, retail and office uses.

The City and the University will enter into negotiations with Vermilion and prepare a redevelopment agreement for approval by the City Council at a later date.