Essex Realty Group brokers sale of North Center redevelopment property
Essex Realty Group facilitated the sale of 1800-1808 W. Berenice Avenue, a transit-oriented development (TOD) situated in Chicago’s North Center neighborhood. Local developer Landrosh Development LLC purchased the property for $1,925,000.
The 10,975-square-foot building was originally built as a warehouse and features a poured concrete foundation, individual HVAC with exposed ductwork and individual hot water heaters and tanks. Today the property features a 4,400-square-foot theatre, one four-bedroom apartment, 3,100 square feet of office space on the second floor and 14 outdoor parking spaces.
Essex principals Doug Imber, Kate Varde, Jim Darrow and Jordan Gottlieb represented the seller in this transaction. Essex director Abe Eilian represented the buyer in this transaction.
Patrick Landrosh of Landrosh Development LLC is working with Alderman Matt Martin of the 47th ward and his staff on his plans to redevelop the property into an approximately 58,400square-foot, mixed-use building. Proposed plans include micro-offices designed in a co-working concept, 42 apartment units with an on-site affordable housing component and on-site parking. This TOD development is designed to increase density near public transportation while maintaining the neighborhood’s identity.
“Landrosh Development is working with the Alderman, Chambers of Commerce and Community Groups on a zoning amendment, and the project seems to be very well-received thus far,” said Eilian. “While the development is quite aesthetically pleasing, it will also serve the surrounding neighborhoods well by providing modern micro-office spaces to local residents who want workspace close to home.”Read Full Article at RE Journals