(To read more on the multifamily market, click here.)
CHICAGO-Redevelopment in the Kenwood-Oakland community will continue this year with 44 multifamily units in projects totaling $21 million. The projects are being aided by sales of city-owned land, some at a discount for the developers, after the deals were recently endorsed by the Community Development Commission.
A development group that includes builder Kimball Hill Homes plans to build eight affordable condominium units along with 16 single-family homes in a $9.3-million project in the 4300 blocks of Berkeley, Ellis and Greenwood avenues. The city is selling 14 parcels totaling 45,000 sf, recently appraised at $1.3 million, for $800,000. Greenwood, Berkeley, Ellis LLC already owns four lots. The two- and three-bedroom condominiums, averaging 1,400 sf, will likely sell for $158,000.
Oakland Crescent Estates LLC hopes to start construction this summer on its 20-unit, $5.3-million townhouse and condominium project at 4063-77 S. Ellis Ave. The developers are getting a 20,000-sf, city-owned lot, vacant for more than 10 years, for a reduced price of $196,000. The land, next to a parcel the developers already own, was most recently appraised at $330,000.
Prices for the 1,450-sf to 3,000-sf units will range from $190,000 to $495,000. However, three two-bedroom, two-bath units will be earmarked for buyers qualifying under the city's affordable housing initiative. "We've noticed this lot had been there for many years," says Jerome Wade, one of the developers. His Wade Enterprises and Associates has developed more than 100 units on the South Side.
Meanwhile, the Blueprint LLC will build four six-bedroom homes in the 4400 block of South Greenwood Avenue, with prices likely to surpass $1.5 million each. The city is selling a long-vacant 27,000-sf site for its appraised value of $1.1 million for the homes, which will include four-car garages. Delaware Place Bank is financing the $6.7-million project.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
