Friday, November 27, 2015

A rare "tear down" building at Giddings Plaza, Lincoln Square

The mixed use retail and apartment building at 4728 N Lincoln Avenue Chicago IL 60625 was issued a demolition permit last week. The building is located in the highly desirable pedestrian friendly shopping district and public plaza of Lincoln Square. It's rare to see tear downs along this two block stretch between Leland and Lawrence Avenues. L3 Capital purchased five properties on the strip for $5.5 million last year.
A three story mixed use building will be torn down in the heart of Lincoln SquareOwner L3 Capital had a renovation permit for the retail space and had gutted the first floor.  According to the 47th Ward Alderman's office the investment group found the building was in bad condition and it needs to go.  L3 Capital in a statement say they are planning to rebuild a one story building allowed by zoning.

L3 Capital also owns the three storefronts adjacent to the east that have been combined for the new Uncle Dan's The Great Outdoor Store set to open soon.
I understand the need to build new rather than renovate a compromised structure.  However, it's disappointing to lose rental units in this location. I'd like to see more residential density on the retail strip and surrounding blocks as people flock to this amenity rich community.  There is hope West Lawrence Avenue will be adding many units in the next couple years.

4728 N Lincoln looks over popular Giddings Plaza across the street.

Cafe Selmarie and Enjoy general store
One of the more charming retail and residential centers in all of the city.
L3 Capital has had a big run of acquisitions and redevelopment in the Southport Corridor and has been successful in attracting tenants for their commercial spaces.

THANKS ALWAYS to the unprecedented quick responses from Alderman Pawar's 47th Ward service office concerning my inquiries into this property...  and everything else!

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