The Chicago Community Development Commission has approved a project that will breathe new life into South Shore. The development will offer a mix of retail and residential space, and will bring much needed jobs to the neighborhood.
Plans call for the sale of less than an acre of land at 1700 E 71st Street to a local developer, Tim Cochran. The developer will pay just $75,000 for the site, which has been valued at more than $200,000.
The developer will build a total of 27 condominiums in four buildings. Each building will offer ground floor retail space. Buyers will be able to choose from several floor plans in the new development, with market rate and low income units available. The most affordable two-bedroom market rate condominium will be priced at $200,000. Three-bedroom market rate units will be available for $300,000. Three units will be available for low income applicants.
The development will be one of just a few new projects coming to South Shore, which has seen a significant drop in sales of condominiums in recent months. The neighborhood offers some excellent deals on Chicago Homes For Sale.
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