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TO: Mayor Richard C. Irvin
FROM: David Dibo, Director Mayor's Office of Economic Development
DATE: July 9, 2021
SUBJECT:
A Resolution Authorizing the Execution of a Redevelopment Agreement with DAC Developments, LLC.
PURPOSE:
To codify the terms of an agreement for the development of the vacant land at 100 North Broadway, currently a parking lot owned and operated by the Dolan family. The RDA includes an incentive plan from COA based on DAC fulfilling a series of obligations that culminates with the completion of a new riverfront market rate 263 unit rental living community.
BACKGROUND:
With the completion of the bicycle and pedestrian bridge and strong residential demand for apartments in the downtown core evidenced by low vacancies and increasing rents (as was indicated in the Zimmerman/Volk Associates Housing study, January 2019), COA has been evaluating various plans for residential development on the east side and west sides of the river. DAC initiated discussions with the Dolan family for the 1.93-acre site located across from the Two Brothers Roundhouse, Aurora Transportation Center, and Holiday Inn and Suites and began discussions with COA on various aspects of the development. DAC was then in construction of 321 units, $70 million apartment building in Wheeling, since completed and well received and has since started construction on a 212-unit, $70 million apartment construction project in Des Plaines.
DAC Developments is a Chicago-based real estate development and management company with a focus on multifamily residential and mixed-use ground up developments in the Chicago MSA. The company is led by Daniel Rezko, an experienced real estate professional with an MBA from the University of Chicago Booth School of Business and strong ties with partners in the capital markets. Mr. Rezko is currently developing about $300 million of real estate projects. See attached summary as Attachment A for a more detailed listing of these projects and m...
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