Home News Lincoln Park lot sold for $9 million

Lincoln Park lot sold for $9 million

by admin
0 comment

BGD&C, a prominent developer of neighborhood luxury homes, made a massive sale for $9 million on Orchard Street on October 20, but did not record the transaction on its property listings until today. BGD&C principal Charles Grode confirmed that the buyer would build a sizeable home on the site, but said details were not set as the house is still being designed. .

Existing zoning will allow homes of about 21,000 square feet, Grode said. Most people now want a large side yard. multi-tenant apartment zone South of Lincoln Park High School.

Grode declined to identify the seller, whose name is not yet on public records, or to identify the construction budget. Assuming $700 to $1,000 per square foot for the high-end construction Grode offered earlier this year, if a buyer were to build a 15,750-square-foot home, three-quarters of what zoning would allow. , will spend $11 million. The construction cost is $15.75 million.

That means the total investment in this property will be between $20 million and $24.75 million. Of course, they could build smaller homes, but the homes in this neighborhood are rarely built for less than the cost of the land. At a minimum, he needs an investment of $18 million, combined with purchase and construction.

The rendering at the top of this article is the standard BGD&C image used in the listing, says Grode, and doesn’t show anything about what will be built.

Whatever they build will be smaller than what was on site. In 2019, Grode’s company was considering adding his fifth lot to the four he already owned at Orchard.It would have created a site large enough to hold 37,000 square foot mansion.

Grode said today that BGD&C ultimately did not finalize the purchase of a fifth lot, instead sticking with a four-lot bundle of 100 feet by 125 feet that currently sells for $9 million. rice field.

Grode said BGD&C has purchased and assembled four separate lots since 2013. He refused to provide purchase prices, and public records do not clarify them.

Three existing buildings on the site are currently being demolished, Grode said. Cleared the 4th time. Grode said his company may have preserved some terracotta details from his one of the buildings and reused them in the new mansion.

You may also like