Edgeville Buzz


Be The First To Know

Andersonville Office Complex Gets $1.45 Million Rehab, Will Become Apartments

 

5701-2

(Rendering of the new facade)

In the shadow of the old Edgewater Medical Center complex is a development that will repurpose another Andersonville structure: the unusual office building that sits between Clark and Ashland on the north side of Hollywood Avenue. According to the developer, City Pads LLC., the building will receive a complete makeover. Work should start any day now and will take 8-9 months.

The bland, dark-bricked, 3-story building at 5701 N. Ashland Ave. was built in 1974. A parking garage is located on the first floor and the upper two stories contained offices.

Since the sale of the building to City Pads LLC., office tenants were moved out in preparation for the property’s transformation into 10 high-end apartments. The building will have eight 2-bedroom and two 1-bedroom units. One of the units will be considered an “affordable unit” and will be rented at 60 percent of the normal rental rate.

5701-1

(Current building at 5701 N Ashland)

The conversion of the property was not without its challenges, however. According to City Pad Managing Principal and Chicago Apartment Finders founder Andrew Ahitow, “We had to upzone the property to get more apartments to be allowed. The old zoning allowed for only five apartments.”

Ahitow added, “The new zoning, b3-3, allows for us to more than double the unit count. Since we only have room for 10 parking spaces, the unit count is limited to 10 dwelling spaces.”

All units will be getting “condo quality finishes,” including granite countertops, stainless steel appliances, hardwood floors, individual HVAC, updated bathrooms and on-site parking.

City Pads LLC. acquired the $1,450,000 construction loan from Associated Bank for the conversion of the building on Aug. 27, 2015. The property itself was purchased for $975,000.

According to Associated Bank, City Pads LLC. is a real estate development firm with a $20 million portfolio that acquires mixed use and multifamily apartment buildings in Chicago that have potential value-add opportunities and upside on market rents, as well as adaptive re-use developments.


We invite you to comment as Edgeville Buzz's GUEST. We review all submissions before they go live on our site. We encourage civil dialogue. Posts must adhere to our comment policy and we reserve the right to delete posts/ban users for instances of inappropriate language, bullying speech, character defamation, spam, etc.