CRER ( Chicago Real Estate Resources Inc.) is pleased to announce the sale of a 4.18 acre site located on the south-east corner of Elston and Webster in Chicago.
Eric Janssen, Justin Moore and Michael Weaver with CRER and Sean Connelly with 33 Realty collectively, brokered the $21.8MM land development sale from an affiliate of Newsweb Corp. to Belgravia Group.
Belgravia plans to develop Triangle Square, a mixed-use project including a 66 unit condo building with units priced starting at $495,000 to $1 million. The condos will be joined by an adjacent nine-story, 300-unit rental building and a two-story commercial structure containing ground floor retail with offices above. The $200 million development was approved by the Chicago Plan Commission in September and is set for ground breaking sometime in 2019.
Commission OKs 3-building plan at Elston and Webster. The $200M project has a 7-story building with 300 rental units, a 7-story building with 66 condos, and a 2-story commercial building. Plan includes 9 affordable units on site and a $3.6M payment to the affordable housing fund. pic.twitter.com/I6msjhYz1J— Chicago DPD (@ChicagoDPD) September 13, 2018