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Land Sales Spur Small-Scale Condo Projects

CHICAGO-Vacant properties, some owned by the city for as long as 18 years, are sold to local developers who plan to build 44 condominium units in four separate projects.

By Mark Ruda | Updated on September 18, 2003

CHICAGO-The city is selling land in three South Side wards for $380,000 to help four separate developments totaling 44 condominium units. The largest project is in the 6500 block of S. Woodlawn Ave., where Crawford Development Partners, LLC is building 19 market-rate and two affordable units in a $3.9-million project.

The land sales, including the deal transferring parcels totaling 27,200 sf to Crawford Development Partners for $270,000, have been recommended for approval by the community development commission. Harris Bank has given the developer of the four sites in the 20th Ward a letter of intent to provide construction financing, according to the department of planning and development.

A local rehabber is doing a 12-unit conversion of a rental building into condominiums at 4545 S. Greenwood Ave. in the 4th Ward, but is acquiring a 6,200-sf vacant lot for $55,000 for a landscaped parking lot to serve the building. Broadway Bank is financing the $586,000 project.

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