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CHICAGO-A 33,000-sf vacant lot, now a rarity in the Kenwood-Oakland community, will be the site of a 48-unit condominium project. Developer John Deneen hopes to begin construction by the end of the year at 4639 S. Lake Park Ave., with completion scheduled for late 2006 or 2007, partner Robert B. Ryan tells GlobeSt.com.
Deneen's $18-million project was recently endorsed by the plan commission, even though it is much smaller than allowed under current RM5 zoning. Deneen could have built 83 units, according to the department of planning and development. The project requires a plan commission recommendation because its location, one block west of Burnham Park and Lake Shore Drive, falls under the city's lakefront protection ordinance.
Units will range from 1,100 sf to 1,200 sf, according to plans by the developers' 4639 S. Lake Park LLC, and would be priced up to $289,000. The developers are setting aside five units at $160,000 for buyers qualifying under the city's affordable housing initiative.
The developers paid nearly $1.1 million for the site last year, according to property records. The site is surrounded by single-family homes as well as two- and three-flats, according to the department of planning and development. "A previously vacant area with lots of abandoned housing is being developed in a fine way along the lakefront," says plan commission member Doris B. Holleb.
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