A dozen single-family homes priced at about $2 million are coming to Lakeview next year.
Family-owned Lexington Homes aims to build the three-story houses on a 41,000-square-foot property at 1225–35 West School Street following the collapse of another developer’s plan to build 28 townhouses early this year, Crain reported.
Lexington bought the site four months after the City Council voted to downzone the site in June. The price of the site, home for more than 40 years to Craftsman Plating & Tinning Corporation, wasn’t undisclosed.
The homes will come in two models that are about 4,200 and 5,000 square feet and include rooftop decks and detached garages. Construction is expected to start next year and be complete in late 2022.
While the developer plans to price the homes a minimum of $2 million, there may not be demand in that range. Only one Lakeview home is listed at that price, compared with at least 13 sold in the past two years.
The median home price in Lakeview last month was about $390,000, down 16 percent from the same period last year, according to Redfin.
Lexington’s previous highest-priced homes were in Glenview, where the asking price was between $1.1 and $1.4 million.
Lexington is also working on another development to build 50 single-family homes in Norwood Park. The townhomes are expected to go on sale next spring for up to the low $800,000s.
[Crain’s] – Connie Kim