A 3-acre property near Midway airport becomes First Western Properties Inc.'s second development near the airport sold by the company in the last three months, DNA Info reports.
Located at 5301-5331 S. Cicero Ave., the surrounding Midway community will see the rise of a national hotel chain, together with a multilevel parking structure for travelers coming to and from the Midway airport.
The report cited First Western Properties Inc.'s website in identifying the company's focus which are retail commercial real estate, tenant and landlord representation, vacant land, investment sales, acquisitions, new development and redevelopment.
Sun-Times first reported the sale of the property: "This was yet another complicated deal involving a bank disposition, development partners, coordination with numerous [federal, state and city] agencies," Paul Tsakiris, president of First Western Properties, said in an email. "At the end, Chicago gets a much needed quality hotel and multilevel parking for Midway Airport."
The construction of the project is set to begin in the spring.
Dan Mihalopoulos of Sun Times questions the city's decision to OK the 1,600-spot parking lot so close to the airport. The answer would be that Midway's total revenue in 2014 was composed of 20 percent or $34 million generated from public parking lots and garages, according to the Sun-Times report.
First Western Properties Inc. who owns skyscrapers, mansions, nursing homes, hotels and shopping centers as well as less flashy holdings, including the Midway Business Center, a sprawling site less than two blocks from the airport, is a client of the Madigan & Getzendanner law firm in the recent sale and represented the company in tax appeals before Cook County and state officials, according to the Sun Times report.
First Western Properties Inc. is now ready to turn over the property to one of the country's largest operators of airport parking.
When the project pushes through, people who fly into or out of Midway may face some problems.
