In the June 6th issue of the West End Word there's an article by reporter William Poe on Covington Realty Partners' plan for the Optimist site at 4490-94 Lindell Boulevard. The reporter opens with "It may take an optimist of another sort to bring to life a $57 million, 14-story apartment tower…"
"It may take an optimist of another sort to bring to life a $57 million, 14-story apartment tower proposed for the grounds of the Optimist International headquarters site on the southeast corner of Lindell Boulevard at North Taylor Avenue. Requested property tax relief seems to have stalled the development.
The 17th Ward Central West End Development Committee voted unanimously on May 7 to endorse the project but to withhold its support for 10 years of property tax abatement that had been requested by project developer Covington Realty Partners.
In turn, Covington wrote in a May 22 letter to Park Central that "without financial incentives, we cannot be part of (the project)" according to 17th Ward Alderman Joseph Roddy, who represents the area.
"I assumed they decided not to proceed with the project," Roddy said.
For its part, Covington would only state that "we are still in the process of reviewing all of the recommendations and findings issued by the committee and will be in a position to talk about it at a future time," according to a local spokesman for the Chicago-based real estate investment, management and development company. He said the company would have no more to say about the project's status.
According to Park Central Executive Director Brooks Goedeker, the community organization generally supports the proposed use of the site at 4490-94 Lindell Blvd., but has concerns that extend beyond tax abatement.
The review committee also wants window upgrades, a possible substitute for a stucco-like building facade, and delay of demolition of the Optimist headquarters buildings until proof of project financing has been demonstrated, he said….
Covington wrote that it could abide by the committee's findings and recommendations except for the disapproval of tax abatement, Roddy said.
"Without tax abatement, we would be at a distinct disadvantage with our competition," Roddy quoted from the letter.
Roddy and Goedeker said tax abatement is something they do not want to provide to Covington.
"We think it is a high quality project and are in support of the project but not in support of tax abatement," Goedeker said. "The Central West End is doing really well. Do we really need to offer tax abatement for another apartment building?"
He added that the committee is against "city incentives" in any form for the project.
Goedeker said his development organization, which acts as a conduit for property development in the 17th Ward, is advisory only and noted that Covington could try to obtain city approvals without support of the organization.
Here is a link to the Poe's article in its entirety: