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Development Watch: Lincoln Park

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A cluster of adjoining vacant lots along the 1500 block of Montana Street have sold to Belgravia Group for $3.6M or just $260K per lot, who intends on building 14 four-bedroom attached townhouses. According to Prudential Rubloff broker Jeff Lowe, who is not tied to the sale, town homes are attractive in the Lincoln Park market as long as they come with garages and yards. These will have both. He also framed the attraction in terms of price, noting that free-standing homes in the area generally run from $1.5M to over $3M, and these townhouses hope to be priced below $1M. Crain's quoted Belgravia founder David “Buzz” Ruttenberg: "We're interested in developing velocity in sales by taking advantage of smaller projects with moderate risk because that's all the market will allow you to do in this environment.” We have yet to locate renderings. [Crain's]