"We're really excited about this particular project because it's close to the park," Harris says. "We've spent three years in this project."
During that time, the park district has fixed up a conservatory in Garfield Park, and the Chicago Transit Authority has added a Green Line station there.
The city acquired the parcels, totaling about 1.5 acres, through tax and demolition liens. The properties are located at 1 S. Central Park Ave., 324 N. Hamlin, 326-28 N. Hamlin, 344 N. Hamlin, 346-48 N. Hamlin, 322-24 S. Hamlin, 3402-04 W. Monroe St., 3536 W. Monroe St. and 3538 W. Monroe St.
North Side Community Bank is providing much of the financing for the $4-million project, but Harris' Advantage Mortgage also will be involved, providing mortgage money for the homebuyers who will pay $149,500 for condominium units and up to $360,000 for one of the four-bedroom single-family homes. Those prices dwarf the median sales figures normally seen in Garfield Park.
Meanwhile, the city will get $30,000 from Andres Eduardo Schcolnik for a 5,766-sf vacant lot at 6400-10 S. Woodlawn Ave., which the developer will turn into a parking lot for his 12-unit condominium building at 6412 S. Woodlawn. Two- and three-bedroom units sell from $145,000 to $270,000, and nine of them have closed, according to the department of planning and development.
The city acquired the lot through foreclosure. Schcolnik is borrowing $85,650 from South Shore Bank to complete the project.
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