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Retail Broker Courts Tenants for Proposed Development Near Belmont CTA Stop

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The proposal would replace an empty lot and an existing three-story building

A site next to Lakeview’s Belmont CTA station could see redevelopment as early as next year, according to an online marketing flyer circulated by Chicago-based retail brokerage Baum Realty Group. The firm is currently shopping commercial space in what looks to be an all new building slated for the open lot at 945 W. Belmont and the adjacent three-story building situated at 937 W. Belmont. Located literally inches from mass transit, the site would make an ideal candidate for taking advantage of the low parking requirements set forth under Chicago’s revamped Transit Oriented Development (TOD) ordinance. Such a project would join a pair of similar developments already in the works at the nearby intersection of Belmont and Clark.

A conceptual rendering of what the 945 W. Belmont project could look like shows a five-story design. Included floor plans outline between 5,000 and 7,000 rentable square feet per floor and show no sign of on-site parking. Though the closure of the boutique clothing store at 937 W. Belmont certainly fuels redevelopment speculation, it’s unclear if Baum seeks to develop the site itself or is merely marketing the location on behalf of another party. While both parcels are zoned B3-3, it is also unclear if the project would require any sort of zoning variance or special permitting from the city to move forward as illustrated. The promotional materials specify a relatively rapid timetable with delivery set for summer 2017.