Friday, January 23, 2015

Showing commercial and mixed use properties in North Center

We viewed mixed use buildings along Western Avenue in North Center on Thursday.  Our client wants to purchase a building up to one $1 million for her business.  There are a couple of single lot buildings priced from around $400,000 to the $600,000s that will need major renovation.  However, only a handful of mixed use and commercial buildings come up for purchase in prime areas.

This strip of  4300 N Western doesn't look like much but several buildings have been purchased for development. The new buildings will join a handful of newer residential condo buildings that sit among mixed-use and commercial buildings along Western Avenue.  The insanely popular and active Welles Park (with all those people) is steps away (photo Eric Rojas, Broker, Kale Realty).
The vastly improved condo and red hot single family home market over the last two years has been no less then head spinning.  We've also mentioned the increased major commercial development we've seen in the neighborhoods on streets like North Lincoln Avenue and  North Western Avenue.

Business owners like the draw of Welles Park and the critical mass of other business and residences around the park. Much improvement is on the horizon for adjacent blocks of North Western Avenue in North Center/ Lincoln Square
The 47th Ward has been a boon to smart business and residential development.  Infrastructure and street-scape improvements are now the norm and help entice property and business investment. One recent example is the new Starbucks/ Potbelly and retail space replacing a former car wash site at 3636 N Western Avenue, Chicago IL 60618.


Steven Vance said...

Western Avenue looks pretty dead in terms of building permits issued in the past 6 months for new construction or renovation. The most renovation is occurring south of Montrose in North Center.

Eric Rojas said...

Western Ave from West Roscoe to West Foster has seen a steady series of newly developed buildings and sold properties year to year since 2010 when developers started to get back in. In my photo, two more buildings down the block were purchased for development as well as a corner building across the street. A mixed use building (sushi restaurant with apartments) has also just gone under contract on the block in the photo. A new condo building has just been completed at Winnemac and Western and a large commercial building (about 72 ft of frontage on Western (Korean restaurant and karaoke) just sold at about Winona and Western. So, steady development along bust Western Ave of residential and commercial concepts over the last 5 years as people look for any land they can get in the popular North Center and Lincoln Square areas.