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River West presents East Side multifamily plan, seeks demolition support from Land Bank
Summary
River West representative Jeremy described plans for redevelopment of nine parcels near Flax and Lake Street into multifamily housing (reported at 64 and 54 units in discussion), noted asbestos testing and remediation, and estimated combined demolition/remediation costs around $100,000.
Jeremy, a River West representative, presented a redevelopment concept for nine parcels on Lake Street and additional parcels at the other end of Flax, describing a plan for multifamily housing intended to mirror River West's earlier "mill on Flax" project. He said the combined demolition and remediation cost for the seven structures on the nine parcels is "roughly about $100,000" and reported that due diligence is underway, including asbestos testing and remediation on 105 Lake and testing on Parsons Avenue parcels. He described the planned units as primarily one- and two-bedroom apartments.
Jeremy said the team has begun schematic design work and traffic review and that rezoning and an alley vacation will be required. The board asked about unit counts and occupancy on the existing project; Jeremy referenced figures of about "64 units" and separately "54 units" in discussion and reported prior occupancy in the other mill project in the mid-80% range when last checked. The presentation was for information and to illustrate the type of local projects the board's demolition program might support.
