Residential
Chicago
Three-lot Lincoln Park mansion seeks more than $12M
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Savane seeks $10M for Lincoln Park spec mansion site
Proposed project follows trend of teardowns and megamansions in neighborhood
Savane Properties’ John Morgan and renderings of 1867 North Burling Street (Getty, Savane Properties, @properties)
A developer is aiming for a lofty price with a Lincoln Park custom home project on one of the neighborhood’s hottest corridors.
Chicago-based Savane Properties is asking $10 million for the yet-to-be-built custom home on a double-lot at 1867 North Burling Street, according to public listings.
The listing notes that the home’s custom design could include between five and eight bedrooms, at least five bathrooms, front driveway access to a four-car attached garage, as well as a “suburban sized” rear yard, sport court or in-ground pool. The home could range from 6,000 square feet to 14,000.
The company, which is led by founder John Morgan, did not respond to requests for comment, specifically on whether the pricing for the home is flexible given the slowing ultra-luxury market.
The company’s other projects have spent some time on the market. Its two other Lincoln Park properties — 2146 North Magnolia Avenue and 1912 North Orchard Street — have yet to find buyers despite lower listing prices. The Magnolia Avenue home is asking $4.5 million and has been on the market for more than three months. The Orchard Street home was asking $5.6 million before it was removed from the market.
Only two homes have sold at or above $10 million this year in Chicago, with the highest being Ken Griffin’s $11.2 million sale of his Park Tower condo after the billionaire departed for Miami. The other property is similar to the Savane offering: A triple-lot property on 1956 North Orchard in Lincoln Park sold for $10.65 million.
Savane’s spec home property is the third priciest in Lincoln Park. Chicago’s most expensive listing, a $30 million, 20,000-square-foot mansion, is also on Burling Street in the neighborhood. A triple-lot mansion North Kenmore Avenue that’s been restored is listed for $10.75 million. Built in 1885, that 13,500-square-foot home has ten bedrooms and ten bathrooms.
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The planned mansion is part of a broader trend in Lincoln Park, where developers have been purchasing land and older homes since the recession, tearing them down and combining lots for ultra-luxury homes.
Last year, a property that spans a combined four lots sold for $9 million as part of a custom design project by BGD&C Homes, a high-end Chicago builder whose president is Rodger Owen. The sale is somewhat of a formality given a new home will be designed for the client, at a price likely exceeding the land cost to make it one of the city’s most expensive single-family residential properties.