Cawley Chicago has successfully completed the sale of a portfolio of three adjacent properties at 1744-1754 W. Addison Street in Chicago’s ever popular Lakeview neighborhood. Located at the 6-way intersection of Ravenswood Avenue, Addison Street and Lincoln Ave, the property currently consists of a retail strip center, and two free-standing commercial buildings.
Given its hard corner presence and proximity of less than 350′ from the Addison CTA Station, Cawley Chicago positioned the offering as a Transit-Oriented Designation (TOD) redevelopment opportunity, qualifying for the maximum threshold of benefits available within the TOD Ordinance. The buyers, a collaboration of Stocking-Urban & Macon Construction, rezoned the property to make way for their plans of a new 5-story, TOD Development, with 54 apartments, ground floor commercial, 9 vehicle and 54 bike parking spaces. With construction anticipated to kick-off later this year, the project is slated to be complete by summer of 2023.
Managing Principal Zach Pruitt alongside Vice President Nicholas Schaefer represented the seller in this transaction, a family-trust.
“Our team is proud to have found a collaborative development team, who will ultimately bring to fruition the vision of what this family hoped to become of a property they have owned, worked and lived at for multiple generations.”
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