This is often evident in real estate listing descriptions that say “the value is in the land,” for properties that exceed a million dollars with the implicit understanding that the home will be razed and replaced. This is playing out heavily in North Side neighborhoods like Lake View and Lincoln Park, where blocks of mostly new construction mega-mansions dot the landscape.
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Work is finally about to get underway to turn this 1889 residence into 10 apartment units. A three-story addition will be constructed, as well as the installation of a new fence. The house had gone into foreclosure in 2011.
Near the Diversey/Lincoln/Racine intersection.
Crain’s Chicago Business reports the property was sold to Stone Street Partners for $3.8 million. In the article, Stone Street CEO David Trandel states they intend to keep the building intact as they develop around it–including 10 apartments.
NBC Chicago reports the entire interior will be gutted, and that the current owner is looking for retail or a restaurant to lease the space. Fortunately, it appears this structure won’t be a victim of facadism.
This outcome is the best that could’ve been hoped for, and we commend David Trandel of Stone Street Partners for recognizing the cultural and architectural significance of this building.
Original article from 11/2014 below.
At the intersection of Wellington and Southport, a 1920s Gothic-styled funeral home sits empty and faces an uncertain future. A few weeks ago it was released from the city’s Demolition Delay list, a status change that allows for demolition to proceed. Since 1985, this architecturally significant structure has been the Herdegen-Brieske Funeral Home. But business recently ceased operations and both the land and building are up for sale.