Quote:
Originally Posted by LouisVanDerWright
Yes, there were actually zero units in those buildings before. The same team that renovated the GAP building on the corner is working their way south through that block of beautiful terra cotta buildings. This is well underway already and looking good. They've been evicting those tenants for months now and already have a completely new storefront system in. I talked with one of the owners and they are doing all the retail SPEC! That's a particularly interesting sign of how hot the Logan Square retail market is right now. They are evicting long time, paying, tenants and investing large sums of money modernizing these buildings and they don't even have tenants signed on yet.
I just noticed this weekend that they are actually adding another floor to the roof that will be set back from the front facade. Looks like there will be some pretty generous roof top decks for each apartment, should offer some killer views of downtown and Milwaukee Ave.
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That's what I thought as it didn't look like there was anything other than retail/commercial there but the building permit was confusing for it. That's very interesting about the tenants, especially the paying ones. The estimated cost of the project is $2M, so my guess is those people are being priced out.
Here's the verbiage from the building permit (issued on 3/12). Yeah, adding another floor:
"**CERTIFIED PLAN CORRECTIONS** - ALTERATION OF 2760+2774'S 1ST+BSMT FLRS TO 6+2 COMMERCIAL UNITS RESPECTIVELY, CONSTRUCTION OF 3RD FLR ADDITIONS, CONVERSION OF 2760+2774'S 2ND+3RD FLRS TO RESIDENTIAL USE, 18+6 DU'S RESPECTIVELY AND LINKING 2ND FLR CIRCULATION W/2778 N MILWAUKEE'S FOR ACCESSIBILITY IN ATTACHED, 2-STORY+BSMT BLDGS, 2760-TYPE 1B AND 2774-TYPE 3B CONST (Subject to field inspection) CONVERT RETAIL AND 25 DU'S TO RETAIL AND 49 DU'S"
I just saw this too. Looks like the rents there might not be cheap so I guess it makes sense that some of those prior tenants couldn't afford this anymore:
http://millerchicagorealestate.com/l...are-blue-line/
$1700/month average 1-3 bedroom rental price. What else is this company doing or have they done?