|Demo, including some nice trees, was completed a few weeks ago at 4713 N Damen in Lincoln Square/ Ravenswood. A six flat building will replace the former frame building and small addition that occupied the property.|
Two projects are in development steps from the CTA Brown Line station and a couple blocks from the Lincoln Square restaurant and retail center. 4713 N Damen
pictured above was a property long for sale privately, not on MLS (well, privately despite a giant billboard on the property). The land had fallen into foreclosure proceedings in 2013 but did sell this year for just over $1.2 million according to recent public records.
The new construction six-flat building will sit between the former "The Rail" bar and grill to the south and the Rambler Lofts
to the north.
|Ravenswood Station bar/ restaurant -a single story commercial building (formally The Rail Bar and Grill) - sits adjacent south of the new six flat development.|
The construction permit on 4713 N Damen
via Chicagocityscape.com is estimated at about $750,000 but there is a roughly $5.2 million mortgage taken out on the property.
|4646 N Damen that sat next to the CTA "L" tracks was sold in 2015 (and closed in 2018 for $436,000) along with the adjacent property to the north. 4650 N Damen to the north held on and finally sold for $700K.|
Just south and across the street 4646 N Damen- 4650 N Damen
(both small frame homes) were sold to make way for a new 24 unit TOD development (transit oriented development explained).
It took about three years for the developer to secure the second property at 4650 N Damen for $700K
after entering into a contract with the first at 4646 N Damen for $436,000
. More info here.
The development sits across from the CTA Damen Brown Line
station entrance and adjacent to the exit stairs and tracks. Friends joked there should be a pedestrian sky-bridge from the building to the station so you don't have to cross the street with the common folk.
|The improved CTA Brown Line station with exterior and interior bike storage.|
|The building will sit adjacent to the CTA tracks on the south and a vintage mixed use building to the north. Friendly Aroy Thai next door and popular long time business Perfect Cup coffee is on the Leland/ Damen corner a few steps away.|
Interestingly, these new construction buildings represent the first substantial multi-unit residential construction along North Damen from West Montrose to West Lawrence
(four city blocks).
This despite the location so close to the CTA station and the very active and successful residential development on Damen north of Lawrence and up and down West Lawrence nearby going on for a good seven years now.