The Real Deal Chicago

JAB Realty to build Old Town condo project

The site is one block over from a rental building JAB developed last year
By John O’Brien |
Research by Laura Hanrahan
September 28, 2018 04:00PM

JAB’s Jim Jann,1553-1555 N Wells Street

JAB Realty & Development will build condominium in Old Town, one block from where it’s selling a rental building it developed last year.

The Chicago-based firm landed a construction permit this week for the 23-unit, six-story building at 1553 North Wells Street. The building, designed by Space Architects + Planners, will feature five floors of condos over ground-floor retail.

Online listings show units in the building selling for $600,000 to $900,000.

JAB bought the property in September 2017 for $3.6 million and secured a $16.8 million construction loan on it in July from Lakeside Bank, according to Cook County property records. Documents filed with the building permit application estimated the work would cost $6 million.

The general contractor is Midwest Heritage Builders.

One block over, JAB put the six-story, 61-unit Northland apartment building at 1550 North Weiland on the market for $25.6 million earlier this year. The firm developed the building last year on the site of the former Tipre Hardware store, enlisting Space Architects to design it as well.

JAB and Space also are teaming up on a project to convert the parish house at St. Peter’s Episcopal Church in Lakeview into apartments.

A couple of blocks east of the JAB condo site in Old Town, CIM Group and Golub & Company are teaming up on a condo project of their own at 1550 North Clark Street.