Thursday, January 07, 2016

Photo: Senior housing development coming to 4501 North Winchester in Lincoln Square

4501 N Winchester, Chicago IL 60640 (all photos Eric Rojas, Broker, Kale Realty)
I walked by the site of proposed senior housing development to be located at 4501 N Winchester earlier this week.  The building is just south of the new Lycee Francais private school and was part of the old Ravenswood Hospital campus.

The neighborhood has experienced a diverse explosion of infrastructure, service, retail and entertainment development over the past three years. From what I can gleam the community will be very supportive of the senior housing component as it heads to zoning and community meeting phases. This development is more good news for a vibrant neighborhood.

Home Sales
Market price housing near the development site and school is robust.  The 4200 to 4800 N blocks of Winchester and Wolcott has had 25 condo units sold in the last 12 months with a median price of about $230,000. Many of these units are two bedroom, one bath vintage conversions without dedicated parking (but steps from great train and bus routes, grocery, shops etc).

Single family homes are on the high end.  Three homes on Winchester and Wolcott have sold over the last 12 months with prices from $800,000 to $1,365,000. A nice three-flat sold for $728,000 near the the development site on Wolcott.

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