Construction is expected to be completed this fall.
Although the property has been vacant for five years, it has changed hands three times, most recently in the deal brokered by Witherell Real Estate. It sold for $650,000 in 1998, according to property records, doubling in value less than four years later, selling for $1.484 million in 2001.
The deal could come up in discussions between the city and Imperial Realty Co., which has proposed a $35-million mixed-use project on a 3.3-acre site in the 6000 block of North Cicero Avenue, four blocks west. Earlier this year, the city took steps that could ultimately result in its acquiring the property by eminent domain. However, at $95 per sf, the site near the Edens Expressway would be worth $13.6 million.
The city's own Retail Chicago notes that Forest Glen, where both properties are located, boasts the strongest demographics among 77 community areas.
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