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CHICAGO-Market-rate housing, including 20 townhouses and 16 single-family homes, is coming to the McKinley Park community. James McNaughton—Pershing Road, LLC will build a $5-million project on 2.29 acres in the 1700 block of West 38th Street.

A one-story building will be demolished to make way for the new housing, which is a long time coming, says 11th Ward Ald. James Balcer. “This is the first development in this area in about 50 years,” says Balcer, whose ward also includes Bridgeport, where new housing units are selling at prices “off the charts.”

The 1,800- to 1,900-sf townhomes will sell for prices ranging from $265,000 to $290,000, says James McNaughton Builders VP Steven R. Gregory, while the single-family homes will be priced up to $385,000.

Hinsdale-based James McNaughton Builders is buying the property from L.V. Real Estate Holdings Co. Inc., which acquired the site and 90,000-sf building in 1999 in a tax sale, according to property records. The Cook County Assessor’s office places a market value of $450,000 on the property.

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