The ghostly lot where a Chicago elementary school once sat is now the site of nearly 30 new homes that are part of the latest Chicago suburb development called “The 12.”
William King Elementary, which was once located at 2500 W. Lexington St., was one of the 50 schools that Chicago Public Schools shuttered in 2014. Three years later, Chicago developer Home& (formerly known as Smart Tech Homes) purchased the lot for $1.5 million and began construction on the 30 new homes. Fifteen houses will face Polk street and another 15 will face Lexington.
Under the agreement with CPS, for every home sale, the developer will donate $5,000 to the school system.
The 30 homes at the former William King Elementary school are part of a broader development plan for the Tri-Taylor neighborhood. An additional 45 single and multi-family homes will be developed on lots off of Roosevelt Road and W. Fillmore St. In December, Home& finished selling 15 other homes just a few blocks south of the new development on S Campbell Ave. Those units ranged from $550,000 to $585,000.
The Near West Side has been booming with residential development and the Gateway development has brought new medical companies to the area. With the addition of The 12, Home& is dubbing the area the “new west,” said Alex Nakonechny, founding principal of Home&.
The 30 homes which hit the market Jan. 22 are four-bedroom, 3.5 bathroom homes and start at $599,000. Brooke Vanderbok of @properties is the exclusive agent for the development.
Write to Jacqueline Flynn at jackie@therealdeal.com