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Klee Building Condo Pre-Sales Pass 60% Mark

CHICAGO-"Something in the community, of this nature, has been needed for some time," says Gary Poter, who is redeveloping the a 39,780-sf site at the Six Corners intersection of Irving Park Road, Cicero and Milwaukee avenues into 64 condominiums and 19,000 sf of retail space.

By Mark Ruda | Updated on July 26, 2005

(To read more on the multifamily market, click here.)

CHICAGO-Even Gary Poter is surprised at the success of his redevelopment of a 39,780-sf site at the Six Corners intersection of Irving Park Road, Cicero and Milwaukee avenues. The developer of the $19-million project, which including turning a landmark Portage Park building into 64 condominiums and creating 19,000 sf of retail space, reports pre-sales of the residential portion have surpassed 60%.

Although Poter was recommended for $2.5 million of tax increment financing and a $1.3-million land write-down by the community development commission last year, his project just received a planning commission endorsement last week. Poter got a necessary zoning change in December, but needs further approval of his project in the 4000 blocks of Cicero and Milwaukee avenues because it calls for four more units than allowed.

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