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Chicago

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

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.

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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