The Chicago City Council Approves Vue53
Aug 02, 2013
Chicago, IL – The Chicago City Council has approved a planned development for Vue53 – a mixed-use project that will serve the Hyde Park and Kenwood neighborhoods. The development team, including Mesa Development, Peak Campus Development, and their financial partner, Blue Vista Capital Management, was awarded the assignment to develop, finance, and manage the project through a competitive RFP process administered by the University of Chicago.
“Our team is very excited to have been selected for this opportunity and is very thankful for the community’s positive support and feedback to make this an outstanding project,” said James Hanson, Principal with Mesa Development.
Vue53 will be located near the intersection of 53rd Street and Kenwood Avenue, directly north of Nichols Park, and will contain approximately 28,000 square feet of ground-level retail, 267 apartment units, and 230 parking spaces. The project builds upon efforts by the University of Chicago, the city of Chicago, and the Hyde Park community to create a vibrant mixed-use district on 53rd Street and to broaden the scope of products and services available to the Hyde Park and Kenwood communities.
The residential component will offer studio, 1-, and 2-bedroom apartments, high-end finishes, and ample amenities including a multi-purpose clubhouse with WIFI, 24-hour fitness center, 24-hour business center, and secure bike storage. The apartments will provide new housing options for Hyde Park and Kenwood residents as well as University of Chicago graduate students. The project will also offer affordable housing units in excess of the City’s requirements and is being developed without TIF or other public subsidy.
“Vue53 is an exceptional addition to the 53rd Street corridor and is a great example of a creative partnership between the University of Chicago and a private developer that will serve to benefit the Hyde Park, Kenwood, and University communities,” said James Hennessey, the University of Chicago’s Associate Vice President for Commercial Real Estate.
Vue53 is expected to break ground in early 2014 for completion in the summer of 2015.