$30M Bids Expected For Logan Square Buildings
Gentrification in Logan Square is evident, but has it reached a tipping point? A family that owns three buildings on the 2700 block of North Milwaukee is hoping to cash out in a strong market and hired CBRE to market the assets as a redevelopment play.
The three buildings encompass 1.6 acres and are steps from the Logan Square "L" station, making any development on the site a TOD. Any deal for the property would likely include razing the small apartment building that's part of the package and replacing it with a new mid-rise residential tower, according to Crain's. CBRE SVP Keely Polczynski says a buyer can also maximize revenue on the package's retail component with new lease-ups at market value.
Logan Square has been on the short list of developers across Chicago the past couple of years. Terraco is redeveloping the Logan Square Mega Mall site into Logan's Crossing. MiCa, Robert Buono's twin towers apartment project at Milwaukee and California, started receiving tenants in September. Merit Partners is hard at work on The Fields. And a JV of Outpost Development and Baum Revision acquired the Margie's Candies building in September. [Crain's]