The $4.8-million building is the first phase of a project that could include multifamily housing along S. Evans Avenue, according to the city's department of planning and development. TEEJ Group already owns three other lots at 4832-46 S. Cottage Grove Ave., having acquired them earlier this year for $375,000, according to property records.
The latest land sale is at the appraised value of the property, according to the department of planning and development, adding TEEJ Group has sparked interest from Hyde Park Bank for financing of the project.
The second phase includes three six-flat buildings, according to a site plan from TEEJ Group.
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