Tuesday, February 05, 2019

What's next for the Old Town Treasure Island property?

The closed Treasure Island store at  1639 N Wells St, Chicago, IL 60614 (all photos Eric Rojas, Broker, Kale Realty)
We have clients looking at a condo on North Wells Street in Old Town. A selling point of this desirable and bustling strip has been the proximity to a neighborhood grocery store. However the Treasure Island grocery store company has closed under much controversy.  The company owns four of it's closed buildings including the Old Town location at 1639 N Wells Street pictured above. I'd love to see a mixed use development with another grocer and high-rise like the newest Gold Coast Jewel Store at Clark and Division (The Sinclair).

Looking southeast.
Eight condos have sold over the past twelve months on the 1500-1700 blocks of North Wells in Old Town. All but one sale was at 1636 North Wells high rise.  Those closings ranged from $152,000 for a studio apartment with $348/mth assessment to $602,000 for a three bedrooms, two baths unit with a $1,055/mth assessment.  There are many more residences on the side streets perpendicular to North Wells just to the immediate west of the Treasure Island building. 

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