What a $2M teardown looks like in the Chicago suburbs

Michael Osanloo and his wife plan to bulldoze colonial revival and build $2 million mansion

Oct.October 09, 2019 12:00 PM
719 S. Park Street in Hinsdale (Credit: iStock)

719 S. Park Street in Hinsdale (Credit: iStock)

A Chicago-based restaurant-chain CEO is taking a wrecking ball to a $2 million Hinsdale mansion and building another mansion in its place.

A Village of Hinsdale Permit shows Portillo’s president and CEO Michael Osanloo and his wife Mary have hired Greenside Design Builder LLC build a $2 million 12,478-square-foot house, according to the Tribune.

The new house, located at 719 S. Park Street, will replace a 4,400-square-foot colonial revival-style six-bedroom, 4.5 bathroom house built in 1922. The house sits on nearly an acre of property, according to Realtor.com.

The demolition was suspected at the time of the sale, according to the Tribune. The Osanloos bought the property in October 2018 for $2.1 million and estimated $2 million in construction costs on the new manse, according to the Tribune.

The luxury single-family home market in the Chicago suburbs has been sluggish, and high-end Hillsdale is no exception. Though the average sales price in September was roughly $783,000, the price per square foot dropped and most homes are selling for below listing price, according to Redfin.

[Tribune] — Kelsey Neubauer

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