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This profile was last updated on 8/12/14  and contains information from public web pages and contributions from the ZoomInfo community.

Director of Community Development

Silliman Group , LLC
5240 South Hyde Park Blvd
Chicago, Illinois 60615
United States

 
Background

Employment History

Board Memberships and Affiliations

Education

  • Carleton College
  • MBA
    The University of Chicago
  • Masters , Urban Planning and Policy
    University of Illinois at Chicago
74 Total References
Web References
Antheus Capital and MAC Properties impact: neighbors' discussion
www.hydepark.org, 6 May 2014 [cached]
Update reported at the May 13 2013 TIF meeting: Peter Cassel of Antheus gave an update.
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"We were aware that we could not find the elements we needed to run a health club," said Peter Cassel, director of community development for Antheus. When the new owners went downtown to locate and transfer the license, the city could find no history of a license, according to Cassel.
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Because these issues could not be brought into compliance within 30 days, the management withdrew its application, according to Cassel.
"We would very much like to continue this activity and understand the hardship of the people who have used this over decades," Cassel said. The Regents Club will be brought up to city standards during a larger renovation of the building's first floor, according to Cassel. He said the fitness center would reapply for the license when construction is complete in the spring of 2013.
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"We'd expected to be able to borrow a greater expense of the total costs, but the reality of construction lending these days is that we will not be able to do that," Peter Cassel, director of of Antheus' development arm, told attendees.
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The redevelopment of the Village shopping center at the southwest corner of South Lake Park Avenue and East Hyde Park Boulevard remain in early planning stages . Peter Cassel, director of community development for Antheus, said they are not ready to apply for building permits and several tenants have leases they intend to honor. He said the earliest any work could begin on the site is fall 2012 . The plan calls for a residential high-rise and several stories of retail on the property.
Solstice on the Park , a residential high-rise designed by the esteemed Studio Gang Architects, remains stalled. The planned 26-story building at East 56th Street and South Cornell Avenue suffered with many other residential projects during the economic downturn. No work will begin during the summer construction period, according to Cassel.
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There are no immediate plans for three gray-stone buildings across South Harper Avenue from the Village site, according to Cassel.
Cassel said rental demand remains strong in Hyde Park and the firm is currently searching for commercial tenants for many of its properties, including the Del Prado and East Park Tower at 5242 S. Hyde Park Blvd.
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"We are not raising every MAC unit this year," said Peter Cassel, the MAC director of community development. He noted, however, that "over the course of the next few years, the rent of all units will be increased," except for select units where the rent is tied to residents' incomes based on agreements made with local affordable-housing groups and local government.
These changes stem from a combination of factors, Cassel said, including higher demand for property, improvements made to Hyde Park buildings, and unusually low rent.
"We saw many of the owners of the apartments [previously controlled by K&G] paying more than 25 percent under market price. In those cases when there was a significant difference between the market price and what they were paying, we did not raise anyone's rent more than 15 percent."
"For K&G units, their year started in April, or their year started in August," Cassel said.
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While recognizing that maintenance service has been subpar in the past, Cassel said that, "[Now] almost all our work orders are satisfied within a day.
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"We recognize that rent increases are difficult for everyone," Cassel said. "It's much the same as we see gas prices gone up, food prices going up. We see local taxes going up. All of those things impact us. we would like to be in a world where there weren't rising costs, but that is not the case," he said.
In the downtown Chicago apartment market, average rental costs have risen more than 10 percent in the last year, following a 13-percent increase in 2006 and prompting Crain's Chicago Business to label this "a good time to be a landlord. With no new units built in Hyde Park in the last decade except for the University's graduate-student housing, demand for units near campus has remained steadily forceful.
Cassel encouraged resident to attend the upcoming public forum at the Hyde Park Neighborhood Club, at which MAC president Eli Ungar will respond to questions and concerns.
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Robin Peterson. [Peter Cassel's name has been changed to correct spelling.]
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About seventy people showed up at the Hyde Park Neighborhood Club to take part in this conversation, which began with a brief Power Point by MAC Director of Community Development Peter Cassel. In it, he outlined the company's recent success in revamping "uninhabitable" buildings, told its "exciting economic development story" of hiring 130 full-time Chicago employees, and explained recent rent hikes by linking them to the broader picture of condo conversions and the mortgage crisis. Cassel also described Solstice on the Park, a soon-to-be-built condo at 56th and cornell with modern architecture and a number of "environmentally progressive" features.
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Wednesday, Peter Cassel, director of community development for MAC, clarified that no final decision had been made about senior housing, but the Del Prado at the corner of South Hyde Park Boulevard and South Hyde Park Boulevard and 53rd Street was one of several properties that has desirable features.
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Cassel said Wednesday they were still looking for a pilot building among the 43 eligible.
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The orders have been whittled down to 500, and 40 to 50 are processed a day, Cassel said.
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Peter Cassel, Antheus representative, said one of the goals Antheus had when designing the Solstice building was to help solve the pick up adn drop off dilemma at Bret Harte. Currently the parents have to pull over on 56th Street and dodge in and out of two-way traffic to get their children to the front door of the school. Based on a rendering..., Antheus plans to repurposes the alley just north of the school that will lead cars to a new one-way drive path specifically created for pick up and drop off. a new playground wil also be built to replace the present play area, which is in a dilapidated state.
Antheus also plans to offer Bret Harte usage of space on the Solstice property. "Eli Ungar, the principal at Antheus, heard that a parent was unable to get upstairs to meet with a teacher for a conference so they had to meet in the alley, which is unacceptable," said Cassel.
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Cassel said the school will also receive a new parking lot with 32 spaces on the school grounds and seven covered parking spaces, which is on the Solstice property.
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Peter Cassel, spokesman for Antheus, said the company is still in the process of configuring the new plan.
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"Although we do not have enough units sold to begin work on the Solstice building, we are interested in making improvements to the school and the school's parking lot without regard for condo marketing and making preparation to the site the Solstice will be built on," Cassel said.
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City Hyde Park- After a brief presentation by Peter Cassel (earliest start is fall of 2013 with 2 , the Council voted to give a letter of recommendation and support to the Alderman to committing up to $11 million in funds over remaining years of the new 51st St. TIF to in part fill the funding gap for City Hyde Park.
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Peter Cassel, lead spokesman for the team, said that financing and other considerations require the project be done in one phase, with the tall building moved near the Lake Park-E.
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The development will still have 120,000 sf retail (a bit more spread out) and on two floors and 350 parking spaces. (There was some concern that the downsizing of apartments leaves this project not contributing rental spaces for large families, who mainly have to buy rather than rent in HPK- Cassel felt this project would make no difference in that).
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Cassel explained that for 182 units, 12,000 sf retail and 350 parking spaces (underground), the original financing was $145M cost, $100M being hardcost and was to be in two phases.
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Cassel stressed that the TIF change is only in process and only approved in principle- THE CITY WOULD BRING NUMBERS AND ITS RECOMMENDATION TO THE SEPTEMBER TIF MEETING (MEETING WAS CANCELLED DUE TO THE SCHOOL STRIKE).
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Peter Cassel
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From the Minutes: Update on 51st and Lake Park development, Village Center: Peter Cassel, Silliman Group, presented a slide show of proposed development for update.
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About 400 parking spaces will be housed in a two-level underground garage after potential tenants requested improved accessibility, according to Peter Cassel, director of community development for the Silliman Group.
The project still includes a 10-story residential and retail building on Lake Park Avenue, and a lower strip of retail that stretches down East Hyde Park Boulevard, culminating in a residential tower on the corner of Hyde Park Boulevard and South Harper Avenue. Smaller retailers will be housed along the Harper Avenue side of the development, according to C
Peter Cassel, a ...
shorelandchicago.com, 23 April 2013 [cached]
Peter Cassel, a representative for Antheus Capital, which owns the Shoreland, expects some student interest in their apartments. "We anticipate Shoreland will be a large and vital part of the Hyde Park rental market and will serve many in the U of C community," Cassel said. "Regents Park, Del Prado, and Windermere are home today to many U of C students, faculty, and alumni," he added, referring to other Hyde Park high-rises also owned and operated under Antheus Capital with its affiliate, Mac Property Management.
In comparing the newly renovated Shoreland to these other buildings, Cassel noted that "from an amenities and design perspective, it's a step above Regents Park or the Del Prado.
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Since then, "tens and tens and tens of millions of dollars" have been invested in the renovating process, Cassel said. Cassel is also director of the Silliman Group LLC, a group of "design and construction professionals committed to preserving historic homes in Hyde Park," according to their Web site. Cassel said plans are being developed in conjunction with Fifth Ward Alderman Leslie Hairston to set up local job fairs to find staff for the building.
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"We've tried to take the most important historical elements and preserve them, while also adding contemporary amenities," Cassel said.
Hyde Park business climate assessments
www.hydepark.org, 2 Mar 2006 [cached]
"We've just been through a financial tsunami," said Peter Cassel, a representative for property owner Antheus Capital, which rents a number of the ward's retail spaces. "Hyde Park continues to grow coming out of it," he said. He underlined the importance of holding on to the small businesses that have weathered the storm.
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Peter Cassel
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Peter Cassel of MAC cited such turnover as evidence of a strong retail market-- two businesses in that block are new (PHLI and Tanner Hair Salon) and five have renewed their leases.
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The owners the store, similar to their other stores or to Pete's, say they will hire 60 to 80 mostly from the neighborhood.
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According to MAC representative Peter Cassel, the objective of the proposal was to boost revenues for the restaurants. "There's almost nothing else on the menu you can sell with those kind of margins," Cassel said.
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Cassel echoed Hairston's sentiments. "It's not so much about consumer experience as their ability to make money on that," he said.
HPKCC News and Members Information
www.hydepark.org [cached]
Preservation, Development and Zoning: Gary Ossewaarde (Chair), Jay Ammerman (ex officio), Nancy Baum, Peter Cassel, George Davis, Irene Freelain, Amy L. Girst, Mark Granfors, Irene Freelain, Trish Morse, David Nekimken, Jack Spicer, and James Withrow, (others from community orgs)
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A Hyde Parker You Should Know: Peter Cassel, [then] Executive Director, Hyde Park Neighborhood Club.
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Peter Cassel of Antheus Capital, a former Board member, made a presentation to update members and answer questions on the progress of Antheus' rental, retail and development projects in Hyde Park.
City Hyde Park / Village Center redevelopment Hyde Park
www.hydepark.org, 1 Feb 2012 [cached]
May 13 2013 TIF meeting updates: Peter Cassel of Antheus gave an update.
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City Hyde Park- After a brief presentation by Peter Cassel (earliest start is fall of 2013 with 2 , the Council voted to give a letter of recommendation and support to the Alderman to committing up to $11 million in funds over remaining years of the new 51st St. TIF to in part fill the funding gap for City Hyde Park.
...
Peter Cassel, lead spokesman for the team, said that financing and other considerations require the project be done in one phase, with the tall building moved near the Lake Park-E.
...
The development will still have 120,000 sf retail (a bit more spread out) and on two floors and 350 parking spaces. (There was some concern that the downsizing of apartments leaves this project not contributing rental spaces for large families, who mainly have to buy rather than rent in HPK- Cassel felt this project would make no difference in that).
...
Cassel explained that for 182 units, 12,000 sf retail and 350 parking spaces (underground), the original financing was $145M cost, $100M being hardcost and was to be in two phases.
...
Cassel stressed that the TIF change is only in process and only approved in principle- THE CITY WOULD BRING NUMBERS AND ITS RECOMMENDATION TO THE SEPTEMBER TIF MEETING (MEETING WAS CANCELLED DUE TO THE SCHOOL STRIKE).
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The alternative, according to Peter Cassel, presenter, was to tear down the present structures and leave the land vacant since the facility is at the end of its life. The new project, with Whole Foods, a variety of retail, and 182 apartments.
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Cassel told the July 9 meeting they have to get fill a gap of $25 million. With a new (23 year) Silliman would be at the head of the line- and the only one in line. On the other hand, CHP would be furnishing all the money the new TIF would have, (so in effect be self-backing), taxes going from current $17,000 a year to c. $900,000. (How much would go back to Silliman as well as whether some would go to other things is uncertain.) Cassel told the June 28 executive meeting of the TIF that its need had grown from previously-mentioned $10 M to $14 M. The remainder of the gap will come from the New Market federal incentives- meant to jump-start low income communities.
Since the increment of the new TIF would not be going to the 53rd TIF, Cassel said Silliman will write a "single check" to the 53rd St. TIF now.
Cassel said they would not scale back to a "cheaper" or less expensive project, citing that the public expects underground parking and Whole Foods would not come without a high profile design such as brought by Jeanne Gang.
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Also, affordable housing does not pay its way, according to Cassel-- upkeep, but not construction cost. In fact, he said the majority of the subsidy is for the 38 units of affordable housing*- part of the c$20 million in TIF-eligible expenses Cassel said the project has.
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Peter Cassel presented for Antheus Capital. He explained there was a $25 million gap in their funding for the $[140] million project called CityHydePark ( http://www.cityhydepark.com).
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Peter also mentioned that Antheus would not be using the TIF funding to secure a loan, as is the case with Harper Court and Vermilion Development.
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Peter and the City representatives agreed this would need to be resolved in the redevelopment agreement.
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As explained by Peter Cassel to HPKCC board in August 2012
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And some more as from a meeting of the Hyde Park Kiwanis attended by Mr. Cassel (and also digested in the August 15 Herald)
Indeed, the remaining businesses in Village Center leave in or by the end of October 2012and demolition starts as soon as possible, as early as November. Atino's Pizza [a temporary arrangement from the start] is at 570 W. Roosevelt. Village Foods will cease to exist and sought no help from Antheus relocating, according to Cassel.
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Cassel said a major desire in the original interest in 53rd TIF subsidy (where they would have been behind Harper Court in any ask) and in seeking a PIN TIF of only their own property planned for development at 51st and Lake Park was to do it in a way that didn't take any increment from any of the many other pins- just their own, generated by the project. (They will reimburse the 53rd TIF for increment already earned pre-development.
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Cassel asserted that the affordable units are not low income and its residents could afford a range of options and would contribute positively to the neighborhood. He thought competition with Treasure Island and other stores would be beneficial to all residents of various income levels.
Cassel stressed that the TIF change is only in process and only approved in principle- THE CITY WOULD BRING NUMBERS AND ITS RECOMMENDATION TO THE SEPTEMBER TIF MEETING.
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May 2011: The redevelopment of the Village shopping center at the southwest corner of South Lake Park Avenue and East Hyde Park Boulevard remain in early planning stages . Peter Cassel, director of community development for Antheus, said they are not ready to apply for building permits and several tenants have leases they intend to honor. He said the earliest any work could begin on the site is fall 2012 . The plan calls for a residential high-rise and several stories of retail on the property.
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Peter Cassel said they are seeking other tax subsidies as well. Cassel thought such help will not conflict with TIF priorities or overtop commitments, and that this business has to be of note now because any such increment would have to pass through the TIF's books. (Perhaps they expect the value of VC to be enhanced at a faster pace because of Harper Court redevelopment?) Cassel also announced that t he housing, to be all rental, will be more dense than planned because they could not receive as much value as planned from their retai l. (If any TIF funding is used, 20% of units will have to be affordable-- whether also especially accessible needs to be researched.
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Peter Cassel
Herald, May 11, 2011.
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The planning for the new development continues to progress slowly, said Peter Cassel, director of community development for Antheus, in a phone interview last week. He said work would not begin during the summer construction season and the architect, Studio Gang Architects, continue to finalize plans before applying for building permits.
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Update at March 8, 2010 TIF meeting on 51st and Lake Park development, Village Center: Peter Cassel, Silliman Group, presented a slide show of proposed development for update.
...
About 400 parking spaces will be housed in a two-level underground garage after potential tenants requested improved accessibility, according to Peter Cassel, director of community development for the Silliman Group.
The project still includes a 10-story residential and retail building on Lake Park Avenue, and a lower strip of retail that stretches down East Hyde Park Boulevard, culminating in a residential tower on the corner of Hyde Park Boulevard and South Harper Avenue. Smaller retailers will be housed along the Harper Avenue side of the development, according to Cassel.
Unlike when first presented in Fall 2008, the project will now proceed as a single phase instead of two. "If part were not to be built... the narrower tower would not be built," Cassel said.
The Chicago Plan Commission will likely reviews the plans in late spring from final approval before Silliman begins seeking zoning changes and the city permits, according to Cassel. It will likely be longer than two years before any of the existing buildings at Village Center are demolished and roughly five years before the new development opens, he said.
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The proposal groups the condos in a 22-story building and a separate mid-rise, Peter Cassel, Antheus' director of community development, said they will be connected by parking for 519 cars and 116,000 square feet for retailers of offices.
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Cassel refused to discuss the negotiations with the grocer, but said the project can be built in phases if Village Foods remains.
Antheus is based in New Jersey and concentrates its investments in Hyde Park and Kansas City. It is marketing another new Hyde Park site, a 23-story condo building set for 56th and Cornell. Also, property records show Antheus paid $16 million for the landmark Shoreland Hotel at 5554 S. South Shore Dr. The U. of C. leases it for student housing but could leave the location before the next academic year starts. Cassel said Antheus is examining options for the property.
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Peter Cassel, a local representative for the New Jersey-based developer, said rising construction costs and a constricted borrowing environment have pushed up the costs of the building. The developer is asking for a $10 million subsidy from the TIF district. .... According to Cassel, Antheus is asking it be refunded andy property tax revenue, up to $10 million, above the roughly $120,000 in
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