Thursday, October 15, 2015

New residential development proposed for pricey North Lincoln Avenue in "The Square"

5061 N Lincoln Avenue Chicago IL 60625 was purchased for $699,000 according to public real estate records in the last half of 2014. The strip just northwest of Western Avenue has slowly but surely developed into multi-story mixed use residential from the mostly original one story small commercial buildings. All photos and analysis Eric Rojas, Broker, Kale Realty.
Developers for this one story small retail building have requested a zoning change to allow a mixed use residential building. 5061 N Lincoln Avenue was sold in 2014 for $699,000 according to public records. The building is adjacent to a large 18 unit condo building at 5067 N Lincoln Avenue built in 2008 (shown in the photo, check out of our listing videos there). 

On the southeast side of this building is a quirky large property probably four city lots across with a small frame house back deep on the lot (not pictured). Crazy land for this strip so close to the popular shopping and dining strip of Lincoln Square.

Candea development has a sign in the window.  Candea has built many successful condo and single family home projects in the immediate area including an 8 unit new construction building at 5008 N Lincoln Avenue (also on this block) with units selling $475,000 to $579,000.  I'd love to see more residential units (rental or condo) near the heart of Lincoln Square that help improve the street scape and add density to the fantastic area.

The crowd collects at Maifest in Lincoln Square.  The once relatively sleepy area (aside from a few raging German Fests) has diversified with hip new restaurants, retail and condo housing. To the eye, it has brought in a lot of younger, single folks in addition to the families and the strong senior community.
Condo Sales
Condo prices from roughly 4800 N Lincoln Avenue (at Western Ave) to 5200 N Lincoln Avenue (at Foster) are not cheap.  The units are mostly newer construction condos or town houses.  In the last 12 months (October 2014 to October 2015)  20 attached residential units have been recorded as sold with a median price of $490,000! This couple of blocks remains a mixed bag of buildings but has lots of up-side with several commercial sales and developments afoot. 

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