The owner had held the property since 2006, when it was bought for around $672,000, according to Cook County property records. Back then the neighborhood was not attracting much attention from the development community, says Kondas. But once the city passed its transit-oriented development ordinance in 2013, which allows residential buildings near public transportation to have reduced parking, and expanded it in 2015, it helped kick off a wave of development in the neighborhood that shows no sign of slowing down.

About 1,000 new apartments will soon come online in the surrounding area, Kondas says. “Developers are now catching up with the demand generated by the CTA's Blue Line and the neighborhood's relative affordability.” And Logan Square already has a great deal of retail options, which also helps attract renters. And with so many dense new developments now underway, even more retailers and restaurants have started to check out possible locations. “Right now, it's feeding on itself.”

And that means this run of new apartment development will probably last a bit longer, he adds. “I think there is going to be more activity, throughout much of the city in general, but especially in outlying neighborhoods like Logan Square.” With the downtown continuing to attract more firms, boosting employment in the CBD, more apartments will be needed, and access to public transportation will be a key driver. It's possible that lenders will start to tighten things up, but “we think the market will be fairly strong for at least the next six to 12 months.”

CHICAGO—The last piece has fallen into place for the development of Logan Square's latest transit-oriented development. Armitage Milwaukee Development just completed the sale of the historic Weyland building, located at 1970-84 N. Milwaukee Ave., to CRG Real Estate Solutions, a wholly owned subsidiary of Clayco, Inc. The developer says it will incorporate the Weyland into the 132-unit building it plans to create on the site, rather than tearing it down.

Designed by famed Chicago architect John Ahlschlager and built in 1907, the three-story property includes four apartments, almost 5,000 square feet of ground floor retail and ample parking. The new development will include 7,000 square feet of retail and 13 affordable apartments.

“Clayco originally wanted 140 units on site and to take the building down,” Chet Kondas of Chicago-based 33 Realty tells GlobeSt.com. He represented the seller in the transaction while Chicago Real Estate Resources' Justin Moore represented the buyer. But historic preservationists and other community groups began to argue that the building should be preserved, so Clayco, which recently finished the $333 million headquarters for Zurich North America, made adjustments to the original plan.

Although the sale price was not disclosed, Kondas says Clayco paid close to the building's asking price of $5 million.

The owner had held the property since 2006, when it was bought for around $672,000, according to Cook County property records. Back then the neighborhood was not attracting much attention from the development community, says Kondas. But once the city passed its transit-oriented development ordinance in 2013, which allows residential buildings near public transportation to have reduced parking, and expanded it in 2015, it helped kick off a wave of development in the neighborhood that shows no sign of slowing down.

About 1,000 new apartments will soon come online in the surrounding area, Kondas says. “Developers are now catching up with the demand generated by the CTA's Blue Line and the neighborhood's relative affordability.” And Logan Square already has a great deal of retail options, which also helps attract renters. And with so many dense new developments now underway, even more retailers and restaurants have started to check out possible locations. “Right now, it's feeding on itself.”

And that means this run of new apartment development will probably last a bit longer, he adds. “I think there is going to be more activity, throughout much of the city in general, but especially in outlying neighborhoods like Logan Square.” With the downtown continuing to attract more firms, boosting employment in the CBD, more apartments will be needed, and access to public transportation will be a key driver. It's possible that lenders will start to tighten things up, but “we think the market will be fairly strong for at least the next six to 12 months.”