chi-claycobucktown (2)

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CHICAGO—The last piece has falleninto place for the development of Logan Square's latesttransit-oriented development. Armitage Milwaukee Developmentjust completed the sale of thehistoric Weyland building, located at 1970-84 N. Milwaukee Ave.,to CRG Real EstateSolutions, a wholly ownedsubsidiary of Clayco,Inc. The developer says itwill incorporate the Weyland into the 132-unit building it plans tocreate on the site, rather than tearing it down.

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Designed by famed Chicagoarchitect JohnAhlschlager and built in1907, the three-story property includes four apartments, almost5,000 square feet of ground floor retail and ampleparking. The new development will include 7,000 square feet ofretail and 13 affordable apartments.

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“Clayco originally wanted 140units on site and to take the building down,”Chet Kondasof Chicago-based33 Realty tells GlobeSt.com. He represented the seller inthe transaction while Chicago Real Estate Resources' JustinMoore represented thebuyer. But historic preservationists and other community groupsbegan to argue that the building should be preserved,so Clayco, which recently finished the $333 million headquarters for Zurich North America, made adjustments to the originalplan.

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Although the sale price was notdisclosed, Kondas says Clayco paid close to the building's askingprice of $5 million.

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The owner had held the propertysince 2006, when it was bought for around $672,000, accordingto Cook Countyproperty records. Back then theneighborhood was not attracting much attention from the developmentcommunity, says Kondas. But once the city passed itstransit-oriented development ordinance in 2013,which allows residential buildings near publictransportation to have reduced parking, and expanded it in 2015, ithelped kick off a wave of development in the neighborhood thatshows no sign of slowing down.

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About 1,000 new apartments willsoon come online in the surrounding area, Kondas says. “Developersare now catching up with the demand generated by the CTA's BlueLine and the neighborhood's relative affordability.” And LoganSquare already has a great deal of retail options, which also helpsattract renters. And with so many dense new developments nowunderway, even more retailers and restaurants have started to checkout possible locations. “Right now, it's feeding onitself.”

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And that means this run of newapartment development will probably last a bit longer, he adds. “Ithink there is going to be more activity, throughout much of thecity in general, but especially in outlying neighborhoods likeLogan Square.” With the downtown continuing to attract more firms,boosting employment in the CBD, more apartments will be needed, andaccess to public transportation will be a key driver. It's possiblethat lenders will start to tighten things up, but “we think themarket will be fairly strong for at least the next six to 12months.”

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chi-claycobucktown (2)

|

CHICAGO—The last piece has falleninto place for the development of Logan Square's latesttransit-oriented development. Armitage Milwaukee Developmentjust completed the sale of thehistoric Weyland building, located at 1970-84 N. Milwaukee Ave.,to CRG Real EstateSolutions, a wholly ownedsubsidiary of Clayco,Inc. The developer says itwill incorporate the Weyland into the 132-unit building it plans tocreate on the site, rather than tearing it down.

|

Designed by famed Chicagoarchitect JohnAhlschlager and built in1907, the three-story property includes four apartments, almost5,000 square feet of ground floor retail and ampleparking. The new development will include 7,000 square feet ofretail and 13 affordable apartments.

|

“Clayco originally wanted 140units on site and to take the building down,”Chet Kondasof Chicago-based33 Realty tells GlobeSt.com. He represented the seller inthe transaction while Chicago Real Estate Resources' JustinMoore represented thebuyer. But historic preservationists and other community groupsbegan to argue that the building should be preserved,so Clayco, which recently finished the $333 million headquarters for Zurich North America, made adjustments to the originalplan.

|

Although the sale price was notdisclosed, Kondas says Clayco paid close to the building's askingprice of $5 million.

|

The owner had held the propertysince 2006, when it was bought for around $672,000, accordingto Cook Countyproperty records. Back then theneighborhood was not attracting much attention from the developmentcommunity, says Kondas. But once the city passed itstransit-oriented development ordinance in 2013,which allows residential buildings near publictransportation to have reduced parking, and expanded it in 2015, ithelped kick off a wave of development in the neighborhood thatshows no sign of slowing down.

|

About 1,000 new apartments willsoon come online in the surrounding area, Kondas says. “Developersare now catching up with the demand generated by the CTA's BlueLine and the neighborhood's relative affordability.” And LoganSquare already has a great deal of retail options, which also helpsattract renters. And with so many dense new developments nowunderway, even more retailers and restaurants have started to checkout possible locations. “Right now, it's feeding onitself.”

|

And that means this run of newapartment development will probably last a bit longer, he adds. “Ithink there is going to be more activity, throughout much of thecity in general, but especially in outlying neighborhoods likeLogan Square.” With the downtown continuing to attract more firms,boosting employment in the CBD, more apartments will be needed, andaccess to public transportation will be a key driver. It's possiblethat lenders will start to tighten things up, but “we think themarket will be fairly strong for at least the next six to 12months.”

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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