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Condos Planned for Parking Lot Near UC

CHICAGO-A 7,466-sf site at the northeast corner of Madison and Paulina streets has remained a part-time parking lot despite nearby redevelopment. McVan, LLC is paying $672,000 to build 16 condominiums above ground-floor retail space.

By Mark Ruda | Updated on August 10, 2005

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

CHICAGO-While the once forlorn Near West Side neighborhood surrounding the United Center continues to see a redevelopment boom, a site at the northeast corner of Madison and Paulina streets has been a laggard. However, a developer has plans for a five-story, 16-unit condominium building with two ground-floor retail spaces.

The city is selling the 7,466-sf site to McVan, LLC, which has done several small-scale residential developments on the West Side, for its appraised value of $672,000. The partners’ $4.6-million development will receive no city assistance, says Kimberly Cooke of the department of planning and development.

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