AOV Consulting Group is paying $102,000, the recent appraised value of the properties. It will rehab a building at 7101 S. Paxton Ave. into a 5,000-sf mixed-use building that will create two storefronts, one earmarked for a graphics design business, with four multifamily rental units on the second floor. The vacant lot at 7042 S. Paxton Ave. will be used as a 40-space parking lot. The sales were recently endorsed by the community development commission.
The developers have lined up financing from Wells Fargo Bank and hope to finish the project in six months, the commission was told. AOV Consulting Group is picking up the ball from a previous developer that could not bring its project to fruition, 5th Ward Alderman Leslie Hairston suggests.
In addition to being an eyesore, Hairston says, the parcels also are a "hot spot" for drug dealing. "This has been a project that's been re-invented," Hairston says. "This is not attractive in it's current state."
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