Eight lots on site of former Chicago nunnery to ask $21.5M

The rest of the Cenacle Retreat to be developed as multi-unit residential

Chicago /
Jan.January 11, 2022 01:30 PM

Rob Buono and 513 West Fullerton Parkway (Google Maps, chicagomag.com)

The future of a former Lincoln Park nunnery looks set to be mostly high-end housing.

Eight lots totalling 48,300 square feet at the former Cenacle Retreat Center will ask a total of $21.5 million, Crain’s reported. The developer, an entity associated with Norwol Corporation and developer Rob Buono, will retain the remaining 30 percent for a multi-unit residential building.

The eight lots start at $2.05 million for a 4,834-square-foot lot, which is about 1.5 times larger than the city’s standard 25-by-125 size. The most expensive is a 7,504-square-foot L-shaped lot with a $3.7 million price tag.

The smallest is zoned for a 9,660-square-foot house, while the largest can accommodate one that’s 15,000 square feet. Construction costs for high-end homes typically run anywhere from $700 to $1,000 per square foot.

At the lower end, a 15,000-square-foot home on the largest lot would cost about $10.8 million on top of the land purchase, bringing the total to at least $14.5 million. That’s consistent with two Lincoln Park mansions that sold for at least $12.5 million in 2021.

The developer, which didn’t disclose what it paid for the site, decided to sell individual house lots due to Mid-North District covenants that limit the size of what can be built. It’s taking care of demolition costs.

The lots will hit the market via a publicly accessible listing service within the next two weeks.

[Crain’s] — Victoria Pruitt





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