Coldwell Banker Commercial Realty has completed the sale of an under-construction residential development in the Lincoln Square neighborhood of Chicago. The list price was $4 million.
The development will include 60 apartments, both at market rate and with 20 percent of the property designated as affordable housing. Located at 5035 North Lincoln Avenue, the 28,000 square-foot area offers 230 feet of frontage at the corner of Winnamac Avenue.
Choudhry Muzaffar, MRICS, MSRE, the commercial advisor and listing broker who represented the receiver, said that the residential development had been stalled for four years. It was sold to TRIETH Development, which intends to complete the current phase and add additional residential units.
“After a long, drawn-out process, we finally came to a WIN, WIN, WIN scenario,” said Muzaffar. “We worked closely with the Alderman’s office to gain support from the community, and to reach a feasible agreement between my client and the purchaser.”