The most recent equalized assessment of the property at the corner of Fullerton and Racine avenues puts its market value at $3.7 million. Although the 32,200-sf site is zoned M1-2, Newcastle Limited vice president Peter S. Tortorello notes the building is surrounded by business and residential uses. It also is located across the street from the Chicago Public Library's Lincoln Park branch and a block away from an elementary school.
Average household income within a half-mile of the site is $145,443, Tortorello notes, and the area has seen little slowdown in single-family, townhouse and condominium redevelopment. Coyne American Institute's move from 1235 W. Fullerton Ave., less than a block away, will result in new residential development. "This property represents the rare opportunity for hotel, institutional, residential or mixed-use development on a large site in one of Chicago's most desirable neighborhoods," says Newcastle Limited director and project manager Martin F. Jablonski.
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