LG Development buys GW Properties out of apartment project near the 606

GW received city approval last year for the 109-unit project near the popular walking and biking trail

Jun.June 07, 2019 11:00 AM
From left: Mitch Goltz of GW Properties and Brian Goldberg of LG

From left: Mitch Goltz of GW Properties and Brian Goldberg of LG

LG Development acquired a Bucktown development site from GW Properties and is moving forward with an apartment complex at the location.

LG in April paid $5.1 million for the L-shaped property at 1750 North Western Avenue, which abuts the popular 606 walking and biking trail, Cook County property records show. GW bought the property for $4 million in October 2018, records show.

GW had planned to build a 70-foot-tall, 109-unit apartment building with 9,000 square feet of ground floor retail on the site.  Plans also called for a new access to the 606, a public plaza and public bathrooms. The Chicago-based firm received initial approval for the $45 million project in September.

LG is moving forward with the plans GW presented to the city, and held a ground-breaking at the site Thursday, CEO Brian Goldberg said.

“We love the neighborhood, the community, the 606, and we’re excited to bring them all together,” Goldberg said.

The move by LG to acquire the Bucktown property comes after the firm sold another of its development sites to a Marc Realty Capital venture, which will build 254 luxury apartments at the Old Town location.

LG also is working on a 10-story, 166-unit rental complex on the Near West Side.

GW, meanwhile, paid just under $6 million to acquire a historic Logan Square building last year for a mixed-use office, retail and residential development. The firm is also working to build a Portillo’s in Avondale and a Chick-Fil-A in the South Loop.

The area around the 606 Trail has been popular for both homebuyers and developers, leading to surging home prices and rents in the Northwest Side neighborhoods it passes through.

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