Construction on Sterling Park is expected to begin in, 2007. When completed, the complex will offer, 1,200 units in one, two and three bedroom layouts as well as senior housing,town homes and a parking structure containing more than 600 parking spaces. “While we believe this development supports Mayor Daley’s commitment to the Homan Square neighborhood, we feel it is equally important that local community leaders are involved throughout the process,” said Mordecai Tessler, president of Royal Imperial Group.

Royal Imperial Group will invest over $300 million to develop part of the original Sears, Roebuck and Co. Headquarters in Chicago’s Homan Square neighborhood. Built in 1905, the historic Sears site was the largest facility of its kind in the world. Royal Imperial Group’s proposed residential development of the Sears site, referred to as Sterling Park, will offer affordable condominiums, townhouses, rental units and an assisted living component in a 2 million sq. foot complex. The proposed development will provide millions of dollars in economic development and employment opportunities.

Royal Imperial Group’s development plans follow a number successful projects in the community completed by others. Recent developments include the 300 unit residential development in Homan Square, the Lawndale Plaza retail center, the Homan Square Township Community Center and 25 lots recently sold by the City of Chicago for residential development. “We are excited to see this level of investment in our neighborhood. The Royal Imperial Group project can help bring new life and attract community residents and families in search of quality, affordable housing,” said Kristin Dean, Executive Director of the Homan Arthington Foundation.

The Sterling Park property contains three existing buildings in addition to the parking structure. The Sears Administration Building was built in 1905 and was the location of such historical events as the logistics planning for delivery of needed materials to U.S. soldiers at the battlefront during World War II. It is now a designated National Historic Landmark. The Allstate Building was built in 1949 and served as the insurance company’s national headquarters for many decades. The third building on the property is the Manufacturers Development Laboratory Building or MDL. The MDL Building was the site of all Sears product testing as well as the original location where the famous Sears catalogues were printed. At one time, Sears was the largest company in the world and these facilities, operation until 1984, were the largest of their kind in the world.