A City Council committee this week advanced a plan for a condominium and townhouse project that would rise on the banks of the Little Calumet River and Cal-Sag Channel.
Called Fay’s Point, the development near Ashland Avenue and Broadway Street also would include a marina with 84 boat slips, a park with natural prairie plantings, a restaurant and a recreational trail.
“We’re trying to make this a pedestrian-friendly community,” said Arvydas Laucius, managing partner of Fay’s Point, LLC.
Construction of the project, which would include 300 condominiums and 84 townhouses, could begin toward the end of the year pending final approval from the City Council.
Laucius said the units would range in price from $160,000 for the condominiums and $275,000 for the townhouses. Developers also are considering about 42 units of senior housing.