CHICAGO-A developer will acquire nine parcels in the Garfield Park area from the city for their appraised value of $305,000 and build two single-family homes as well as 24 condominium units. It will be a done deal assuming no alternative proposals are received that are better than plans by Jeff Harris’ New Vision Development Corp.
“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.