Long-Awaited Peoples Gas Redevelopment Project In Portage Park Sold To New Developer

Prairie Ridge Development acquired the $110 million redevelopment project at the former People’s Gas site in Portage Park, shifting the scope from GW Properties' original plans. The new design includes 253 residential units distributed across two buildings, a reduction from the initial 346 units in a single six-story structure. The project received city approval after a contentious rezoning process that lasted about six months. Construction is projected to begin in spring 2024, with the retail phase expected to open by spring 2027. The residential portion will feature a variety of unit sizes and comply with the city's Affordable Housing Ordinance, mandating 20 percent of units be affordable.

Developer Brian Pawlik indicated that the project will employ union labor and that plans include amenities such as a courtyard and fitness center. This redevelopment is part of a broader trend of transforming underutilized urban spaces into mixed-use developments. The project aims to enhance the community while addressing housing needs in the area.