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Rehab or Redevelop: Apartment Building from 1891 Lists for $20 Million

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This primo site at 58 E. Chicago is already zoned for high-rise use

A six-story 19th-century apartment building situated just one block from Chicago's Magnificent Mile recently arrived on the market asking $20 million. Also known as the Amanda Apartments, the listing describes the 1891 building at 58 E. Chicago Avenue as a gorgeous 1891 Victorian building that "cannot be replicated." While seemingly highlighting the structure’s historic charm and a potential for rehabilitation, the description also makes mention of the parcel’s high-density DX-12 downtown zoning allowance — an obvious indication that the site is simultaneously being marketed for high-rise redevelopment.

Current owner Tom Livaditis reportedly paid $1.6 million for the property roughly 30 years ago. According to Crain’s, the building’s 25 residential units and three ground-level retail berths were cleared of tenants when Livaditis first privately put the building the property for sale three years ago. The site, which does not have landmark protection, has been publicly listed for less than one week

Working with an area of under 3,900 square feet, the site’s development potential could certainly increase if combined with the neighboring low-rise buildings to the east. While Livaditis does not control the single-story corner structure housing the currency exchange, the he does own the three-story Pippin's Tavern building at 806 N. Rush. That property, however, is reportedly not for sale at this time. With developers rapidly running out of downtown parking lots to develop, this one could go quick.

The Amanda Apartments

58 E Chicago Ave, Chicago, IL 60611, USA