Due to a change in the bond market and some unanticipated streetscape improvements, bonds have been re-approved for the Keystone Parke project in Evanston.
City Council unanimously approved the issuance of $4.2 million in economic development bonds for the first phase of the $100 million project.
The bulk of the project's first phase, a 60,000-square-foot office building that will house up to 250 employees, is currently under construction.
Developer Neyer Properties has also added to the first phase a 0.79-acre site at the southwest corner of Dana and Realistic avenues (BIRD'S EYE), which will be developed as a restaurant.
The restaurant was originally scheduled for the project's second phase.
Debt on the bonds will be serviced by tax increment financing (TIF) revenues generated by the development site.
The new arrangement will not change the City's plans to issue $21.5 million in bonds for the entire campus.
At buildout, Keystone Parke will also include a 10-story, 240,000-square-foot office building with restaurant and retail space; a 7-story, 160,000-square-foot office building; a 4-story, 69,000-square-foot office building; and improvements to Evanston Playfield.
Previous reading on BC:
AndyHemmer.com: Green building and Keystone Parke (1/2/08)
Keystone Parke photo update (11/6/07)
City authorizes $71.1 million in bonds for projects (8/6/07)
Keystone Parke TIF agreements established (7/5/07)
Tuesday, January 22, 2008
Keystone Parke tweaked
