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CHICAGO-City-owned vacant lots in the 8900 block of S. Loomis Avenue are being sold to Carroll Properties, Inc., which plans to build 49 multifamily units in an area long in need of rehab. Carroll Properties is owned by Robert King, who has been active in the city as well as suburbs as far away as St. Charles.

The $12.5-million Brainerd Crossings project will involve 31 townhouses, 10 single-family homes and eight units in two-flat buildings, according to a plan endorsed recently by the community development commission. The panel recommended the lots, totaling 119,093 sf, be sold to Carroll Properties for their appraised value of $819,147. The lots were acquired by the city through the demolition lien foreclosure process, says Randall Butts of the department of planning and development.

“I’m ecstatic about this project,” says 21st Ward Alderman Howard Brookins Jr. City officials note the redevelopment is a block from Metra’s Brainerd station, and near a recently built branch of the Chicago Public Library.

King says he has lined up $10.8 million in construction financing from Wells Fargo Bank to build his residential units, which will range from 2,499 sf to 2,722 sf and in price from $235,000 to $286,000.

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