New 74 rental unit development approved in central Lincoln Square location

 

The buildings shown here between West Eastwood and the "L" tracks along western Ave will be redeveloped to create a 74 unit mixed-use building. Photo in November 2023, Eric Rojas, Broker, Kale Realty

After years and years of scaffolding draping the east facade of THAT building adjacent to the "L" tracks... re-development is in the works. Many years ago I walked the loft building interior with a contractor looking for ideas for the huge open floor spaces.

The new 4640 N Western rendering https://hirschmpg.com/

In July the city approved a 74 rental unit development for 4632-4644 North Western Avenue in Lincoln Square. Urbanize Chicago has a nice rundown and renderings of the project HERE   The four story loft building ("the scaffolding building") will be renovated while the two story property will be demolished and replaced by a six story building. Rents mentioned in the proposal ranged from $1,500 for a studio, $1,700 for and one bedroom and $2,700 for two bedrooms. 

The development is just west across the street Western Brown Line station and steps from Giddings Plaza. 11 units will be set aside as affordable.  It joins the 63 unit 100% affordable new construction building also across the street and just north of the Western Brown Line stop. Another 130+ units in the center of Lincoln Square is great for local business and vibrancy!

More Lincoln Square real estate posts HERE

To buy, sell, invest and rent in Lincoln Square and surrounding neighborhoods contact Eric Rojas, Broker, Kale Realty - erojas@kalerealty.com

Lincoln Square former convent may be converted to apartments

 

4927 North Claremont is a former convent on the St Matthias Parish campus. The building was most recently used for early education programs, Scout meetings and various school and church activities. All photos Eric Rojas, Broker, Kale Realty

A plan has been submitted to convert a former Lincoln Square convent to 12 or more apartments.  The 4927 N Claremont building is for sale by the Chicago Archdiocese. The current purchase contract is contingent on the buyer/ developer receiving zoning change to preserve the building and convert apartments. The purchaser stated in the community meeting if they do not receive the zoning change they will not purchase the building. Currently the parcel (and block) is zoned for residential single family or two-flat development. The structure may also be bought and used for a religious organization. 

 You can view the Notice of Intent and the recorded community meeting on the project at the links. The public community review has been completed and the 40th Ward Alderman office is in general support of the proposal. The project will not alter the footprint of the building and will provide for the required number of affordable units (at least two). Next step for the zoning change applicant would be committee approval in the city council and then full council adoption read into the record. 

The Chicago Dioceses just sold a parking lot on the same block that is now being developed into family homes "as of right" per the current zoning.

Looking north down Claremont

The convent building is adjacent to the St. Matthias church building (also closed).

The property is not listed for sale on the Chicago Diocese website while other properties for sale are listed with asking prices. Often organizations will hire a Brokerage to market the property "more privately" to local or large investor/ developers. I can make an educated guess on the asking price range of the property... but I'm not going to do that here 😀

We have helped our clients make zoning application decisions based on the market value of their property and the overall marketing plan. Please reach out to us if you have questions concerning the value of your property or if you wish to purchase or sell property in the Chicago area. 

Quick Tempel Steel sales update in Bowmanville

A gated entry to the Tempel Steel manufacturing campus. The entire 21 acre property is for sale. All photos Eric Rojas, Broker, Kale Realty

I attended a Greater Ravenswood Chamber of Commerce meeting March 11th with 40th Ward and 47th Ward Aldermen just days before social distancing and the consequent "shelter in place orders progressed. Roots Pizza hosted. We were doing elbow bumps instead of handshakes. What innocent times! We received updates on legislation and services they were focusing on and participated in a Q/A session.

The Tempel Steel site is for sale in the Bowmanville neighborhood of the 40th Ward. This is a hot development topic for surrounding North Side neighbors and businesses. Any development can have an up or down effect on surrounding property values. It would be the largest property sale in the new 40th Ward alderman's early term (and maybe the entire term) and will surely impact housing in Bowmanville and western Edgewater in some way or another.

The building stock on the 1800 Block of West Balmoral (photo above) across from Tempel Steel remain largely original. There are a handful of converted two-flats to single family homes but much less renovation and new construction activity than you's see on other residential blocks around Bowmanville.  Properties across from the current plant sell for at least a 10% discount than similar properties on fully residential blocks. 

I jotted down some of 40th Ward Alderman Vasquez comments about the prospective development:
First, the alderman stated he'd been approached about residential development. He is adamant that a zoning change application for residential must include an affordable housing component - which is expected and required. However, I took it the affordable housing component must well exceed any minimum required by the City of Chicago Affordable Requirements Ordinance. 

It could stay and industrial/ manufacturing campus "as of right". It won't necessarily be converted to a residential development.

The bottom line is there is nothing close to getting done at the time of the meeting. Any re-development would have to go through the Community Zoning Process of the 40th Ward.  Here's a past statement from Alderman Vasquez and a Block Club story on the Tempel Steel sale offering.

Trailers coming to a Lincoln Square block near you

Nice front porch, ample road clearance, wood paneling and over the air television are just a few of the features on this Lincoln Square construction trailer, or... you're next dream home?!

Has it come to this?  Lincoln Square real estate and rental prices have been on a rapid rise over the past five years.  Maybe we are on to something with this decked out construction trailer. My neighbor pointed out the posh set up and I couldn't resist a peek... I love an open house!

Road construction at Ainslie and Hoyne in Lincoln Square. Maybe a few trailer homes by the park wouldn't be so bad. I know a lot of  "vintage" garden apartments that are way worse!

If we can't have coach houses maybe the bourgeoisie will allow us street trailers. We'll be just like the canals in Amsterdam! Oh, but the congestion... the parking!  The parking!

Celebrate "30 years of housing justice" with Housing Action Illinois

A fellow broker and attorney has shared this event with me.  Another excuse to visit Lagunitas Brewing!

 Housing Action Illinois is turning 30, and we’re not passing up the chance to celebrate!

Join us to raise a toast to affordable housing, play some trivia, and get to know other housing champions who believe everyone should have a stable, affordable place to call home.

REGISTER BELOW TO JOIN!

Who: Housing champions of all kinds who are 21+
When: Monday, February 13, 5:30 – 8:30 pm
Where: THE Basement at Lagunitas Brewing, 2607 W. 17th Street

Free private parking available; close to the California Pink Line stop and the #49 bus stop at Western & 16th
$20 includes entrance and food

Thanks to our generous host, Lagunitas Brewing Co., for donating event space and drink proceeds.