On Thursday, September 8 at 6:00pm, 8700 MG, LLC., Heartland Real Estate Partners-MG, LLC. and the Village of Morton Grove will host a demolition ceremony to celebrate an important step towards the much anticipated redevelopment of the 8700 Waukegan Road property.
In April, 2016 the Village approved zoning permits as well as a redevelopment agreement to demolish the existing, 50 plus year-old obsolete office building and construct a 55 million dollar project including a 7-story, 184 unit luxury apartment building and 14,000 sq. ft. of commercial space.
“The redevelopment of this property with these amazing luxury apartments and new commercial space is one of, if not the largest redevelopment projects within the Village of Morton Grove in past several years,” said Mayor Dan DiMaria. DiMaria continued: “Heartland Real Estate Partners have an incredible track record for building and managing highly desirable residential and commercial developments. The Village Board and I are excited to work with them to revitalize the Dempster-Waukegan commercial area.”
The project is expected to generate close to $900,000 per year in new real estate taxes as well as new sales tax revenues, where currently no sales tax revenues are generated. The project will improve a property that is currently underutilized and obsolete and improve the streetscape along the Waukegan Road corridor. In addition, it is projected the development will create 150 jobs during construction and 20 new permanent jobs.
“Mayor DiMaria, the Village Board and the entire Village of Morton Grove team has been incredibly supportive and responsive each step of the way,” said David Husman, President of Heartland Real Estate Partners. Husman continued: “We appreciate the Mayor’s vision for the community and this area and are looking forward to a long and successful partnership with the Village.”
8700 MG, LLC/ Heartland Real Estate Partners-MG, LLC. anticipate the demolition to be completed by December 2016. The construction will be in phases; the residential building will be constructed first, followed by the 14,000 sq. ft. commercial building. They anticipate breaking ground on new construction in May 2017 and completing the project in October 2018.
Village of Morton Grove
6101 Capulina Ave. Morton Grove, IL 60053