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CHICAGO-A developer is paying the city $39,000 for a 2,400-sf lot, which will allow him to build a six-unit condominium on it and a neighboring parcel. The three-bedroom, two-bath units are expected to range in price from $275,000 to $300,000 and the project is seen as a spark for additional redevelopment in the northern portion of her 4th Ward, says Alderman Toni Preckwinkle.

Alexander Pissios, who already owns 3608 S. Ellis Ave., will pay fair market value for 3610 S. Ellis Ave., a lot that has been vacant for more than 10 years, according to James Wilson of the department of planning and development. "It will actually set the tone for how buildings are built in the northern part of the ward," Wilson says.

Pissios promises to build a building for nearly $1 million that will be similar to those being constructed on the city's North Side and suburbs. "It's been much more difficult for us to engage the development community north of Pershing Road," Preckwinkle says. Pissios will build his six-unit building three blocks north of Pershing Road. "I'm thankful for the willingness of the developer to build and invest in the community."