FitzGerald has begun work for Imperial Realty Company on the conversion of the former Combined Insurance Company of America building, located at 5050 North Broadway Street in Chicago’s Uptown neighborhood.
Current plans are set to create 126 rental units in studio, one- and two-bedroom loft-style units with a rooftop deck and amenity spaces and 30,000 square feet of ground floor retail space along Broadway. The adjacent six-story building is planned to remain as leasable subdivided office spaces with newly-created ground floor retail spaces.
The building will be re-clad to provide a contemporary look and to improve energy efficiency. The completed building will be designed to seek LEED Certification, and aims to transform a long-underutilized structure into a 21st Century asset that will, once again, contribute to the active life of the community.
The building’s convenient access to the CTA Red Line and bus transit routes make it an excellent site for market-rate housing in a neighborhood with little other recent residential development. In addition, the building provides unparalleled views of Lake Michigan and downtown Chicago and will have access to more than 600 parking spaces in an adjacent garage. The project has begun the community and city approval process, and will be reviewed with community groups and the Alderman as well as extensive review by the Department of Housing and Economic Development and other City agencies before work will begin. FitzGerald believes—and is hopeful that stakeholders will agree—that this is the best use for the existing structure and one that will add a new retail presence and renewed vitality to this part of the Broadway corridor.
