The Bel apartments in Lakeview rise up (is that a pigeon?)

The Bel is a 37 apartment transit orientated development (TOD) at 941 West Belmont, Chicago IL 60657 adjacent to Belmont Red Line station. All photos Eric Rojas, Broker, Kale Realty

We got a up close and personal look of The Bel apartment development in Lakeview. It could not be closer to the CTA Belmont Red Line station.  Is that a pigeon staring at us? A pigeon? The bane of all apartment dwellers??

The median price of a rental on the block is about $2,000 per month. Around $2,000 a month you can expect a two bedroom, one or two baths renovated apartment. Some exceptions include more vintage 3 bedroom apartments and dedicated parking availability varies at $2,000/ per month.

Two NEW Lincoln Square / Ravenswood developments steps from the CTA Brown Line at Damen

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.

Permit issued for new, modern Lincoln Square / Ravenswood neighborhood TOD development

The 4540 North Ravenswood "transit oriented development" received construction permit this week (all photos Eric Rojas, Broker, Kale Realty).

I took some photos December 2016 of the 4540 North Ravenswood development site.  The five unit residential project has received construction permits this week (viewed via chicagocityscape.com). The property falls in the Lincoln Square Community Area section also known as Ravenswood.  More here on TOD

The Mariano's/LA Fitness and Ravenswood Metra Station all withing a couple blocks.

 Drawings of the project HERE at the 47th Ward web site.

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.

A new Ravenswood TOD... Who Ravenswouldn't?

A new, modern development is proposed for this site adjacent to the existing building shown. The hits keep coming in the Ravenswood, Lincoln Square, Uptown area (all photos Eric Rojas, Broker, Kale Realty)

Curbed pointed out a cool new Transit Oriented Develop proposal in Ravenswood last month.  I stopped over to check out the site recently after my routine morning trip to the nearby Mariano's.  4540 to 4542 North Ravenswood would be home to new, modern 9 unit mixed use built on a vacant double lot.  A parking lot to the north will remain.  So will the "L" tracks behind lolz.

The cobblestone block is mostly home to one story commercial buildings (looking south).

The existing two story building just south of the proposed development.

Businesses of North Ravenswood

A large parking lot to the north of the proposed development.

Mariano's and LA Fitness on West Lawrence in the near distance.

Metra embankment and tracks across the street to the east.

The site is near the corner of Wilson and Ravenswood. There are plenty of restaurants, bars, services and businesses to walk to... not to mention the Montrose CTA Brown Line and Ravenswood Metra station.  Streetsblog Chicago writes a ton on TOD projects.

Residential Sales
There are a handful of condo buildings and town home developments within a few blocks of this new proposal.  Attached unit median sales price is around $400,000.  The most recent and immediate sales have been existing re-sale units. A brick two-flat in nice condition at 5070 N Ravenswood recently sold for $670,000 on an oversized 30'x175' lot.

There are relatively few residential units along North Ravenswood itself from West Irving Park Road to West Lawrence. Density of condo units, single family homes and mulit-units picks up north of Lawrence (4800 North).