Development site at 545 E. Oakwood listed for sale

The development site for a residential project at 545 E. Oakwood has been put up for sale. Located at the southeast corner of E. Oakwood Blvd and S. Vincennes Ave, the site is currently occupied by the former Holy Angels School, which has been abandoned for over 7 years due to lead dust contamination and has deteriorated to an extent that necessitates demolition. 

Planned by developer Eagle OZ, the approved development designed by Hanna Architects would consist of a four-story residential building. With 48 units inside, the 32 one-beds and 16 two-beds would be spread across the basement and four upper floors. Located behind the building will be eight car parking spaces and 48 bike parking spaces for the building. 

The Zoning Board of Appeals approved a series of variations for the project back in April. Approved variations include a variation to reduce the north side, south side, and east side setbacks from the required 5 feet to zero, a variation to reduce the rear yard open space from the required 1,728 square feet to zero, a variation to reduce the number of off-street parking spaces for a transit served location from forty-eight to eight, and a variation to reduce the west side setback from the required 5 feet to 3.58 feet and south side setback from 5 feet to 3.54 feet to allow the subdivision of an improved zoning lot. 

According to the listing for the project, a future buyer would have a deadline of June 2025 for building permit submission. According to reports from Crains, the current developer is seeking investors to build the project but also listing the project for sale as a second option.