Wednesday, October 18, 2017

Do you like trains? TOD underway on busy West Belmont in Lakeview

As brokers we are frequent CTA users trying to avoid our cars and traffic whenever possible.  We stopped to check out progress of the TOD off the CTA Red Line stop at Belmont.
The new development  at 937 - 945 West Belmont adjacent to the CTA Red Line Belmont station is underway.  A vintage three flat has been demolished. Curbed Chicago has some great photos and back story.  It is not clear what the purchase price for the entire property was (the property at 937 W Belmont closed for $135,000 in June 2016) but there is a mortgage recorded of $9 million for the development.  This is yet another example of replacing existing buildings with larger retail and residential developments along commercial strips on the North Side.

Image posted at the property of the (future) completed development at 937 West Belmont
The Transit Orientated Development (TOD) will have 33 rental apartment units, retail space and NO on-site parking spaces. Chicago Streets Blog has a nice primer on the expanded TOD ordinance passed in 2015.  More photos and plans of the project can be seen here (posted at the 44th Ward Alderman site).  A Stone Creek Coffee sign hangs on the fence and is expected to open spring 2018. Mmmmm images of nature while sipping coffee...

Sales on Belmont

Surprisingly, only one condo is recorded sold on the MLS over the past 12 months from 800 West Belmont to 1200 West Belmont near the new development. The 3 beds, 2 baths condo at 1109 W Belmont Ave Unit 3, Chicago, Illinois 60657 sold for $492,000 in spring earlier this year. No rented units are recorded on the MLS but there are many rental units existing over older retail buildings. A shiny new apartment building will rent well here.

No comments: