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Family Trust Sells Lakeview Portfolio for Transit-Oriented Development
Cawley Chicago completed the sale of a portfolio of three adjacent properties at 1744-1754 W. Addison St. in the North Side’s Lakeview neighborhood. Deal terms weren’t disclosed.
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.
Managing principal Zach Pruitt and VP Nicholas Schaefer represented the seller, a family trust. “Our team is proud to have found a collaborative development team, who will ultimately bring to fruition the vision of what this family hoped to become of a property they have owned, worked and lived at for multiple generations,” said Pruitt.
Photo credit: RMeleon/Wikipedia
- ◦Sale/Acquisition
