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City Getting Full Price for Kenwood-Oakland Lot

CHICAGO-Mark Sutherland and Alex Pearsall will pay $267,000, the appraised value for a 6,600-sf city-owned lot at 4000 S Drexel Blvd., where they will build a 13-unit condominium project. Despite getting no city financial assistance, the developers earmark two units for buyers at affordable rates.

By Mark Ruda | Updated on April 12, 2006

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

CHICAGO-The city is selling a long-vacant lot in the Kenwood-Oakland community to a prolific local development team, which plans to build 13 condominiums at 4000 S. Drexel Blvd. The 6,600-sf lot is being sold for its appraised value of $267,000, and after rezoning, Mark Sutherland and Alex Pearsall hope to begin building their $3.1-million project.

The two- and three-bedroom units will be priced from $190,000 to $320,000. However, one unit in the building as well as another in a nearby project will be set aside for buyers qualifying under the city’s affordable housing initiative. The contribution is voluntary, as the developers are receiving no city financial assistance, which triggers a portion of the units to be priced at affordable rates. However, Sutherland and Pearsall are building in Alderman Toni Preckwinkle’s 4th Ward. She is sponsoring an ordinance that would earmark 15% of units in new buildings of 10 units or more be priced to meet the budgets of working families.

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