North Branch parking lot could give way to area’s first resi development

The 1.5 acre parking lot could sell for $200 psf or more, according to estimates

Chicago /
Oct.October 03, 2019 05:04 PM
The parking lot at 1050 N. Kingsburg Street in Chicago (Credit: Google Maps)

The parking lot at 1050 N. Kingsburg Street in Chicago (Credit: Google Maps)

UPDATED, Oct. 4, 2:43 p.m.: A parking lot along the North Branch Corridor has hit the market. And it could be a prime resi play.

Brokerage firm Baum Realty announced in a flyer that they were looking for a buyer for a 1.5 acre lot at 1050 N. Kingsbury Street, currently being used for parking, according to Crain’s.

Estimates are that the lot could be worth more than $13 million.

The firm presented the space as ideal for residential development on the flyer, citing a July letter from the state Environmental Protection Agency that states developers would need no extra approval from the agency if they were to develop it for this use, according to Crain’s.

The North Branch Corridor has transformed since 2017 when the city relaxed zoning requirements from Kinzie St. to Fullerton Ave., expanding the market beyond industrial development.

Last year, the Onni Group attempted to build the first-ever residential development in the area, according to Crain’s. The company bought the former Greyhound Bus Station for $38 million but decided not to develop residentially after their proposal reportedly did not meet the city’s affordable housing requirements. They have not yet announced how they are going to use the land. [Crain’s]Kelsey Neubauer


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