Wednesday, November 30, 2016

Progress and past of controversial "Benchmark" development in Lincoln Park

Progress photo of the Benchmark development on the 2700 block of north Magnolia in Lincoln Park earlier today (photo Eric Rojas and Bob DePalma, Brokers, Kale Realty). Kale is not the listing brokerage. wrote a good story back in July on the "Benchmark" development on the 2700 block of North Magnolia.  The five building project is distinct, if not controversial, in that an 1884 built church at 2750 N Magnolia was torn down.  The rectory at 2746 N Magnolia was saved and has been renovated into a modern single family home maintaining the original architecture.

Condos in the development are listed from $650,000 to just under $1.3 million for a penthouse unit (several units are under contract).  A single family home in the development at 2742 N Magnolia is listed at just under $2 million on a 24'x125' lot. The block is turning mostly new construction with several other recently built single family homes offered and new construction closed sales.

A few modestly updated homes sold from $850,000 to just over $1 million over the last 24 months.  A new construction home at 2730 N Magnolia built in 2015 and closed early this year sold for $3,050,000 on a 40'x125'.  This block backs up to the 2700 block of North Lakewood which has also been transformed from mixed housing and industrial to mostly new construction single family homes and condos along an old rail line.

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