CHICAGO-Delwar Construction Co. is paying the full appraised value for a 2,482-sf lot at 2243 W. Warren Blvd. to build a four-unit, $1.3-million condominium building. The $165,000 sale of the city-owned lot, next to property the north suburban developer already owns, was recently endorsed by the community development commission.
The project will bring additional market-rate for-sale housing to an area four blocks from the United Center and just south of the Chicago Housing Authority's Henry Horner Homes, part of the agency's $1-billion "Plan for Transformation" that is replacing the former housing project with a mixed-income neighborhood. The 1,800-sf, three-bedroom units will range from $300,000 to $400,000, with spaces in a four-car garage selling for an additional $10,000, according to Department of Planning and Development project manager Kimberly Cook.
Delwar Construction Co., whose new construction includes a 7,000-sf home in Lincolnshire and a 4,500-sf home in Inverness, is financing its West Side development with a $1-million loan from Beneficial Financial.
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