Noah Properties, a savvy developer known for their scattered site modern homes (here's a sampler), is betting that the West Town market is A-OK for a slightly larger residential investment. Noah wants to plop 18 condos and six SF homes on the site of the former Gonnella Baking Co. factory at Damen and Erie. There are other similar clusters nearby, built in a more certain era. With the exception of one ghost project a block south, most are doing well. Noah's already dug their heals in, paying $2.08M for the site last month. With another 15-unit project in the works in North Center, it seems they've been studiously saving up for this graduation of sorts. And, in a neighborhood known for its trendsetting youthful explosion, the fact that the developer is offering only three- and four-bed condos (from $370K to $480K) says the area is ready to embrace well-to-do families (it's long been for families). The freestanding homes will start at $800K. Says another developer, Art Gurevich, to Crain's: "We're looking at properties in (West Town) and so is everybody else." We just hope it'll be recognizable in 15 years.
·Residential Development Planned for West Town [Crain's by subscription]