Washington Park Apartment Sale Seeks Obama Library Bump

Does someone at NOVO Development know something the rest of Chicago doesn't, or at least have more confidence than many of us? According to a new Crain's article, the Washington-based firm just picked up a 51-unit apartment complex at 5606 South Wabash Avenue for $2.4 million, a deal predicated in part on a potential Obama Presidential Library bump for nearby real estate. Chicago-based NOVO Partner Jamie Glascott feels good about the future of 55th Street and expects improvements are on their way. With a prime location five blocks from the University of Chicago's Washington Park bid site, it certainly offers a prime location.
As part of its updated proposal from earlier this month, the University of Chicago predicted that a south side Obama library would have an estimated annual economic impact of roughly $220 million, though it's unclear how much of that may include increased property values. While it's not a blockbuster deal, this apartment sale could foreshadow the many ways in which the nation's first presidential library in an urban setting could transform a neighborhood.

·Apartment investors bet on Obama library boost [Crain's]
·Barack Obama Presidential Library offers historic opportunity for South Side parks [University of Chicago]
·Previous Washington Park coverage [Curbed]
·Previous Library Battles coverage [Curbed]