MPI Sells Residential Development Site in Tri-Taylor Neighborhood for $1.06 Million

Millennium Properties R/E, serving as the exclusive sales advisor to the lender, recently completed the sale of a 4.67 acre infill development site in the Little Italy/UIC neighborhood for $1.06 million.

2500 W. Roosevelt is a partially completed residential development known as Metro Place. The first phase of the development, consisting of 17 single family homes and a six unit condo building, was completed by a venture led by Daniel McLean, president and CEO of MCL Companies, between 2006 and 2009. The new owner, Eco Development Inc., intends to complete the remaining two phases adding 14 single-family homes, 59 townhomes, and nine six-flat condo buildings.

The 4.67 acre site is located at the northwest corner of Roosevelt Rd. and Campbell Ave. in the Little Italy/ UIC neighborhood on the west side of Chicago, approximately three miles from downtown. The property is also part of the Tri-Taylor pocket neighborhood, one of the most diverse neighborhoods in the city. Young professionals and medical students find this area desirable, with its easy access to the Eisenhower Expressway as well as public transportation.

“This sale is a positive sign for the residential market’s recovery,” said Greg Block, executive president at Millennium Properties. “Over the last year, housing prices have largely stabilized and interest rates remain low, encouraging developers to re-enter the market by acquiring land sites and breaking ground on new projects.”