Lakeview Treasure Island site cleared for 208 rental apartments

The former Treasure Island grocery store at 3460 N Broadway has been cleared to make way for a large rental apartment complex. Photo taken last week - Eric Rojas, Broker, Kale Realty.

I passed the site of the Optima Lakeview apartment development at 3460 N Lakeview, Chicago IL 60657. The former Lakeview Treasure Island property was sold for about $12,850,000 according to public records (I looked it up).  Anybody miss the Treasure Island?  A Jewel-Osco and Whole Foods are also nearby in this heavy grocery store area. 

The development is approved for 208 units and 97 parking spaces.

Optima Lakeview rendering via 44th Ward https://www.44thward.org/wp-content/uploads/2020/01/Revised-Optima-Picture-1.9.2020.jpg

Report! Old Town Treasure Island property sold late last year for $14.7M

I walked by the former Treasure Island store in tony Old Town last week.  The building was recently sold and a large multi-unit development is sure to come. All photos Eric Rojas, Broker, Kale Realty

One year ago we pondered what would become of the closed and vacant Treasure Island building at 1639 N Wells Street in Old Town.  A report from the Chicago Tribune tells us the building sold rather quickly for about $14.7M (recorded in November of 2019).

Surely a large multi-unit building will be developed. Only questions will be if it is a rental or condo building and how much retail space will be included (another SoulCycle 😀).

Median price of a sold condo within a couple blocks of the Treasure Island building is an accessible $270,000. However that price will only get you a one bedroom unit with relatively high monthly assessment. Condos with two and three bedrooms sell in the $400s to $800s nearby... with proportionally high monthly assessments!

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.