By LINDSAY WELBERS
The Chicago Committee on the Transportation and the Public Way approved Silliman Group’s request for permits to install planters, tree grates, sheetings and tiebacks at the former Village Shopping Center.
Silliman, the financial arm of MAC Property Management, applied for permits to install eight planters, eight tree grates, two construction sheetings and 78 tieback systems at 5105 E. Hyde Park Blvd.
Planters and tree grates will beautify the space, while sheetings and tiebacks are used during the excavation process.
Once construction is finished the site will be home to City Hyde Park, a Studio Gang Architects-designed 17-story building, with a Whole Foods, and 182 apartments.
Demolition on the Village Shopping Center is expected to be complete by the end of the year.
Excavation will eventually lead to sewer upgrades at the site and two levels of underground parking. Construction is estimated to take around 18 months, during which time street parking surrounding the site will be closed.
The project slowed for months due primarily to challenges associated with lining up all the necessary funding sources, but is expected to open on schedule in the fall of 2015.
It is being funded with $11.3 million in tax increment financing dollars, new market tax credits, tax breaks for buildings constructed in “low-income areas,” tax breaks that come as a result of building in an enterprise zone, and private loans and equity.