Cawley Brokers Sale of TOD Property in Lakeview
Cawley Chicago completed the sale of a portfolio of three adjacent properties at 1744-1754 W. Addison St. in Chicago’s Lakeview neighborhood. Located at the six-way intersection of Ravenswood Avenue, Addison Street and Lincoln Avenue, the property currently consists of a retail strip center and two freestanding commercial buildings.
Managing principal Zach Pruitt and VP Nicholas Schaefer represented the seller, a family trust. Given its hard corner presence and proximity of less than 350′ from the Addison CTA Station, Cawley Chicago positioned the offering as a Transit-Oriented Designation (TOD) redevelopment opportunity, qualifying for the maximum threshold of benefits available within the TOD Ordinance.
The buyers, a collaboration of Stocking-Urban & Macon Construction, rezoned the property to make way for their plans of a new five-story TOD development, including 54 apartments. With construction expected to commence later this year, the project is slated for completion by summer of 2023.
- ◦Sale/Acquisition
