Chicago-based ACO Commercial’s (ACO) George Toscas and Linda Hatter arranged the sale of a 5.24-acre land site located at 3000-3052 S. Pitney Court in Bridgeport to the Chinese American Service League, Inc. The duo represented the seller, St. Louis-based SOHO Investments, Inc., in the transaction. The sale price for the former People’s Gas and Coke Co. property was $8.0 million or $34.20 per square foot. It was an all cash deal.
The non-profit plans to turn it into a comprehensive community care campus with affordable senior housing, an adult day service center for seniors, an early childcare center, and industrial/commercial kitchen for senior meals and culinary training programs. The center of the new TOD development will be a community center which will offer sports programs and outdoor garden space along the river as well as space for meetings. The goal is to draw residents in from the west and south sides of the city.
The in-demand riverfront property (with 558 feet of seawall) was formerly owned by People’s Gas and Coke Co. for more than 100 years. Zoned M2-3 it recently underwent an extensive multi-year remediation and restoration with a new seawall, re-grading, and subsequent NFR letter issued in 2020.
Conveniently located near the intersection of Ashland and Archer Avenues, and one block from I-55, accessibility was the main driver for purchase.
