Wednesday, September 28, 2016

New six unit building construction at former Lincoln Square produce market

5131 N Western Chicago IL 60625 is being prepped for a new building foundation (All photos Eric Rojas, Broker, Kale Realty).
Six new residential units are coming to Lincoln Square at the corner of Western and Winona.  The not-so-sexy location of 5131 N Western is nevertheless desirable as it is close to the restaurants and retail of Lincoln Square and Andersonville. The former produce market lot has been an eyesore and vacant for over 10 years.   

The property measuring about 60'x100' closed for $475,000 cash in March of this year.  The development will be all residential and will face West Winona Street. My guess is it will be condos offered for sale rather than rental units (due to similar successful condo buildings nearby).

The Martinez Produce sign remained for many years and was just recently torn down with new construction approved.
The lot sits at the end of a residential street and neighborhood close to Winnemac Park. Single family home median price nearby is well over $700,000.  Condos types and prices vary but new construction three bedrooms condos nearby on West Foster and North Oakley (5202 N Oakley) have been selling at $450,000-$550,000.

The corner of Western and Winona needs some love. The west side of the street has a tiny used car lot, older apartments and empty commercial space.  The new building will anchor a corner that is near lots of amenities and good transportation (quick buses to CTA Brown and Red lines).
The house next door will finally get a neighbor (and lose some southern light).

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