Land Sale Paves Way for $4.8M State Agency Offices

CHICAGO-A 26,000-sf building that will be leased to the state’s department of human services will be built in the 4800 block of S. Cottage Grove Avenue with the approval of a sale of city-owned land. The plan commission recently recommended approval of the sale of three vacant lots at 4810-26 S. Cottage Grove Ave., totaling 35,146 sf for $395,000 to The TEEJ Group, Inc.

The $4.8-million building is the first phase of a project that could include multifamily housing along S. Evans Avenue, according to the city’s department of planning and development. TEEJ Group already owns three other lots at 4832-46 S. Cottage Grove Ave., having acquired them earlier this year for $375,000, according to property records.

The latest land sale is at the appraised value of the property, according to the department of planning and development, adding TEEJ Group has sparked interest from Hyde Park Bank for financing of the project.

The second phase includes three six-flat buildings, according to a site plan from TEEJ Group.