A Lincoln Park private school is buying up neighboring condos, scaring owners

The Francis W. Parker School bought two condos in a nearby Belden Avenue building after its bid to buy the whole property was rejected

Chicago /
Jul.July 31, 2019 03:11 PM
327 West Belden Avenue and Francis W. Parker School crest (Credit: Google Maps and Facebook)

327 West Belden Avenue and Francis W. Parker School crest (Credit: Google Maps and Facebook)

A private Lincoln Park grade school is buying up condos in an adjacent building, kicking up protests from neighbors who fear it may be part of a long game to take over surrounding properties.

The Francis W. Parker school paid about $1.8 million in April and May to buy two units in the 15-unit building at 327 West Belden Avenue, according to the Chicago Tribune. The sales went through after the building’s condo association rejected an $11.2 million offer from the school to buy the property outright.

Leaders of the school, whose tuition starts above $31,000 per year, also made a $19 million offer for the adjacent 19-unit building at 317-325 West Belden. That offer was also shot down.

The condo associations sent letters to the school asking that it stop targeting condos in the nearby properties. But principal Dan Frank said the school has no imminent plans to expand its campus, telling the Tribune that the condo purchases were a “down the road thing” aimed at keeping its options open.

Parker board of trustees president Rika Yoshida is married to Joe Mansueto, the billionaire founder of Morningstar. The board’s secretary, Baum Realty Group Mike Demetriou, is volunteering to help the school expand its footprint.

The luxury condo market has skidded this year in Lincoln Park, which saw fewer than half as many units close above $1 million between January and March this year than during the first quarter of 2018. [Chicago Tribune]Alex Nitkin


Related Articles

arrow_forward_ios
1919 North Howe Street (Photo via Realtor)
12K sf Lincoln Park mansion sells for $12M
12K sf Lincoln Park mansion sells for $12M
The Second Church of Christ, Scientist at the corner of Wrightwood and Pine Grove avenues and Ogden Properties' Connie Milstein (Photos via Google Maps; Ogden Properties)
Christian Science church teams with condo developer
Christian Science church teams with condo developer
Zev Salomon and 1034 West Madison Street (Linkedin, Google Maps)
ZSD Plans another West Loop condo project
ZSD Plans another West Loop condo project
Penny Pritzker and North Kenmore Avenue (Credit: Google Maps)
Office of Penny Pritzker picks up Lincoln Park mansion
Office of Penny Pritzker picks up Lincoln Park mansion
1441 North State Parkway and 321 West Menomonee Street (Credit: Google Maps)
The 100 club: Century-old homes top Chicago’s priciest resi sales
The 100 club: Century-old homes top Chicago’s priciest resi sales
Trump International Hotel & Tower and Legacy at Millennium Park (Credit: Wikipedia)
Chicago condo sales make a comeback
Chicago condo sales make a comeback
1532 W. Jackson Boulevard, and 1901 North Leavitt Street (Credit: Google Maps)
Where have all the Chicago luxury condo sales gone?
Where have all the Chicago luxury condo sales gone?
1330 W. Newport Ave. and 3826 N. Wayne Ave. (Credit: VHT Studios via Redfin)
Single-family homes dominate Chicago’s priciest residential sales of week
Single-family homes dominate Chicago’s priciest residential sales of week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...