Sean Mason of CRER represented the buyer, Mavrek Development, in the purchase of 3817-19 N. Ashland Ave, Chicago, IL 60613, which closed for $2,800,000. The former Zia’s Lago Vista restaurant site will be redeveloped by Mavrek into a 48-unit luxury apartment building. The project will feature studios, one- and two-bedroom units and will include amenity space that will grant tenants access to Peloton bikes, co-working space and outdoor grilling areas.
The new development will also provide 21% affordable units, bringing much-needed affordability to the Lakeview neighborhood. Alderman Matt Martin said the “proposal fits the Alderman’s development priorities of focusing density on the 47th Ward’s arterial streets; increasing the Ward’s stock of family-oriented affordable housing; and emphasizing affordability in Transit-Oriented Developments (TODs) to ensure equitable access to the area’s rich transit infrastructure.” This is Sean’s third deal representing Mavrek. Dan Piedmonte of GDP Group represented the seller, a local restaurant group.