Four luxury homes are being built in Lincoln Square on a former church parking lot. St. Matthias Parish was closed permanently by the Arch Diocese of Chicago. Consequently the church parking lot at 4939 North Claremont and former convent building at 4927 N Claremont were put up for sale. I'll have a following post on that convent.
Developer and builder Barrett Homes purchased the parcel. There is no closing sale price listed at the Cook County Clerk's office for the parking lot... but I'm guessing the parcel sold for over the $2,000,000. There is an initial mortgage on the property for over $1.5M by owner / developer and construction permits estimating $780,000 in construction cost s for one house. I expect each single family home to list well over $1.5M when completed.
|Four homes will built on the 4900 Block of North that also is home|
The four house development *may* be the largest contiguous single family home construction in the Lincoln Square Community Area since the 2007 (five new homes were built side by side on the 5000 Block of North Ravenswood). It is difficult in any popular Chicago neighborhood to acquire large parcels zoned for residential single family. We typically see one or two homes built at any time.
120 Lincoln Square single family homes have sold so far in 2021 with a median price of $850,000. The highest priced sold home is 2130 West Agatite for $2,625,000. Stats gathered from MREDLLC.com.