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Security Properties bought the former Gonnella bakery site in River West six months ago for $7.8M, intending to build apartments there. Instead, it sold the site to Bond Cos for $17.8M. That's a strong return on an investment, without even putting a shovel in the ground.
Security Properties had a LOI in place as far back as 2013 to buy the site at 1001 W Chicago Ave. Instead, Bond will get the chance to redevelop the site, and plans to build 363 apartments there, pending approval.
The quick turnaround on the flip is another sign of rising land costs in River West, one of the hottest multifamily markets in the city. As land becomes harder to acquire, prices are rising and developers aren't thinking twice about buying lots in prime locations like Gonnella, located near the Chicago Avenue Blue Line station, and the Chicago Avenue and Milwaukee Avenue bus routes. (A TOD-focused development would be ideal at this location!) [Crain's]
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