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CHICAGO (CBS) — New row houses will replace a weedy vacant lot on a residential street on the western edge of the Lincoln Park neighborhood, according to a published report.
Crain’s Chicago Real Estate Daily reports developer Belgravia Group Ltd. signed a contract last week to buy the vacant land in the 1500 block of West Montana Street, just east of Ashland Avenue and north of Fullerton Avenue.
The developer will pay $3.6 million for the land, which amounts to 14 vacant lots, and will build attached, single-family row houses on the site, Crain’s reported. They will each have four bedrooms, two-car garages and 45-foot private yards, pending community group approval, Crain’s reported.
But they won’t come cheap. The asking price for the row houses will be just under $1 million apiece, Crain’s reported.
An industrial building previously stood on the site. Online sources indicate that the over the past 50 years, the building at 1520 W. Montana St. housed the Green Duck metal stamping company and the Stonehill Art and Printing studio, among other companies.
Real estate investor Robert Birkmeyer bought the factory building in 2004 and had it torn down, then conducted environmental remediation to prepare the land for development but never had anything built, Crain’s reported. Birkmeyer had been hit with foreclosure before Belgravia bought the site from him, the publication reported.
Belgravia is also working on a major new condo development in the West Loop. The first 24-unit building in the CA23 development, at 16-20 N. Carpenter St., sold out this summer, and now, a second 24-unit building is planned, Crain’s reported.