SVN Chicago Commercial has completed the sale of a prime East Lakeview development parcel located at 2941 N Clark Street. Jeff Baasch and Wayne Caplan, Senior Vice Presidents of SVN, brokered the transaction. The approx. 12,000 square foot site sold for $2,205,000.
Bluepoint Development Corp., a venture led by developer John Livaditis, purchased the property.
The site, which was formerly the home of Buca Di Beppo restaurant, has been vacant since Buca closed in 2006. Bluepoint plans to commence construction immediately on a mixed-used property that will be anchored by a first floor restaurant, plus approx. 20-condo quality apartments on the second, third, and fourth floors.
“There was extremely strong demand for the property due to the prime location and limited supply of development sites in East Lakeview,” Baasch said. “Building apartments as compared to condominiums reflects the continued robust multifamily fundamentals of high rental rates, high occupancy rates, and favorable financing options,” he added.
“This particular block of Clark Street has been somewhat blighted ever since Buca closed,” Caplan said. “This sale and re-development into a very cool, mixed-use development is just the ticket for the neighborhood, which gave strong support for the project.”
44th Ward Tom Tunney agrees, “The development will revitalize and spur economic development along the N Clark Street corridor and welcomes an exciting restaurant concept to the neighborhood.”
