Nate Gautsche with CRER recently brokered the sale of two prime development sites in Wicker Park on Ashland Ave.
The development sites had previously been on the market with two other brokerages with contracts falling through. Nate was able to secure several offers within the first week of marketing and helped guide ownership in choosing the buyer who had the highest ability of gaining governmental approvals and closing on the sites.
1235-1237 N Ashland Ave will become 16 residential units above 1,460 SF of commercial space. The mix will be four one bedroom and twelve two bedroom units with 20% of the units designated as affordable per the ARO ordinance.
Rendering curtesy of: Jonathan Splitt Architects
1257-1301 N Ashland Ave will be developed into 24 residential units above 2,045 SF of commercial space. All 24 units will be two bedroom apartments – 20% of which will be affordable.
Rendering curtesy of: Jonathan Splitt Architects
“It was an honor to represent Mike in the sale of these assets after 48 years in business. After a few disappointing experiences with prior sale attempts, I was proud to be able be able to deliver a smooth transaction for him in a complicated interest rate environment. Mike’s Furniture will continue to live on in a smaller footprint in the neighborhood and Wicker Park will benefit from 40 new residential units, 8 of which will be designated as affordable.”
If you are a developer looking for your next project or a property owner who has interest in selling, please reach out to Nate for a consultation.
