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]