We’ve chattered about this building at 2518-2540 N. Lincoln in Lincoln Park before.
Many of you who have traveled on the Red, Brown or Purple line also would recognize the back of the building- because it’s the building with the infamous roof top tennis courts (that I’ve never seen anyone EVER playing tennis on.)
Crain’s is reporting that a developer wants to buy out the condo owners, tear down the building, and build a luxury apartment building in its place.
Mr. Baker, president of Chicago-based Baker Development Corp., said he has signed contracts to buy all the condos in Lincoln Centre, 2518-2540 N. Lincoln Ave., but declined to say how much he’s paying for them. A Baker venture already owns the retail space in the building, best known for an on-site tennis court that abuts the Chicago Transit Authority’s Red Line.
After razing the building, Mr. Baker said he would build 225 luxury apartments, 16,000 square feet of retail space and a 200-slot garage. The development, which would rise to 12 stories at its tallest, would cost around $80 million.
Mr. Baker said the property is unsightly and needs to come down, pushing owners to agree to move on.
“People are ready to sell,” he said.
He said the development could revitalize Lincoln Avenue, parts of which have struggled to draw in retail tenants that are choosing the Clybourn Corridor for new stores.
The project is “going to be a game-changer for turning around a street that has been in decline for so long,” Mr. Baker said. Fifty of the parking slots in the garage will be dedicated for public use, which should help draw in new retail tenants, he added.
Mr. Baker introduced the project to Lincoln Park residents Jan. 13, laying out his plans to the Wrightwood Neighbors Association.
According to Crain’s, Alderman Smith had no details about the proposal and declined to comment.
This is the second possible large scale condo building in Lincoln Park that is looking to go back to apartments (or sell out to an investor who will build apartments) we’ve chattered about in the last 6 months.
If the developer does have all the owners on board, does this project have any chance of getting off the ground?
Also, is anyone else surprised that all these condo owners are so eager to sell?
Here’s a picture of the back side of the building, taken from the other side of the El tracks.
Developer plans 225-unit apartment building in Lincoln Park [Crain's Chicago Business, Micah Maidenberg, January 13, 2014]