Coldwell Banker Commercial Realty Completes Sale of Long-Stalled Residential Development in Lincoln Square
CHICAGO (Dec. 4, 2023) – Today, Coldwell Banker Commercial Realty completed the sale of an under-construction residential development in the Lincoln Square neighborhood of Chicago. The development will include 60 apartments, both at market rate and with 20% affordable housing.
Located at 5035 North Lincoln Ave., the 28,000 square-foot area offers 230 feet of frontage at the corner of North Lincoln Ave. and Winnamac Ave. The list price was $4 million.
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 has now sold to TRIETH Development, which intends to complete the current phase and add additional residential units, including a mix of affordable housing.
“After a long, drawn-out process, we finally came to a WIN, WIN, WIN scenario,” said Muzaffar. “This property has been an eyesore in the community. 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.”
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Coldwell Banker Commercial Realty, an affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com.
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