Sprawling 4-acre parcel in Avondale listed for sale, redevelopment

Residents of the Avondale community could see some major proposals on the horizon as several large properties along Milwaukee, Pulaski, and Belmont avenues are being marketed as redevelopment opportunities. Coldwell Banker Commercial has assembled and listed a collection of ten properties in the neighborhood totaling nearly four acres for sale, and is marketing the properties for redevelopment. The properties highlighted in the listing are of varying zoning types and uses, including light industrial and commercial tenants, but broker Lisa Gagliano says that there could be taller buildings on the way.

“We’ve met with [30th Ward Alderman Ariel Reboyras] several times,” Gagliano says. “He would like to see mixed-use development here—he’d like to see a grocer.” Gagliano adds that Reboyras has already expressed support for a zoning change to allow for new mixed-use construction which could top off at four or five stories at the site.

Coldwell Banker Commercial

In total, the listing represents 164,467 square feet of useable space in a large parcel wedged between Pulaski, Belmont, and Milwaukee for redevelopment. The properties highlighted in the listing are owned by different entities, but Gagliano tells us that they are all working together to see one sale of all of the sites.

The properties included in the listing are 3217-3221 N. Pulaski Road, 3229-3235 N. Pulaski Road, 3207 N. Pulaski Road, 3247 N. Pulaski Road, 3244-3256 N. Milwaukee Avenue, 3956-3962 W. Belmont Avenue, 3942 W. Belmont Avenue, 3282-3284 N. Milwaukee Avenue, 3296 N. Milwaukee Avenue, and 3956-3962 W. Belmont Avenue. While the properties are being marketed as one listing, Gagliano does suggest that the parcel could be divided up “if it makes sense.” The total price tag on the nearly four-acre listing is in the neighborhood of $22 million.

Coldwell Banker Commercial

Popular northwest side neighborhoods like Wicker Park, Bucktown, and Logan Square have seen a flood of new major projects during this development cycle, with developers delivering thousands of new rental units and tens of thousands of square feet of new retail space along the busy Milwaukee Avenue corridor. And as demand in these neighborhoods has sent home and apartment prices soaring over the last several years, many residents concerned about affordability have relocated to nearby neighborhoods such as Avondale and Hermosa.

However, Avondale has witnessed an increasingly competitive home buyer market as single family homes and condos often sell at or higher than asking price. For at least the last few years, Avondale has been a popular spot for those moving north along Milwaukee Avenue to find more affordable homes and for flippers looking to cash in on the emerging popularity of the neighborhood. A recent report from Crain’s, which looks over data from the Chicago Association of Realtors, suggests that Avondale has the hottest condo market in the city at the moment.

Coldwell Banker Commercial

This large parcel isn’t the only of its kind currently on the market in Avondale. A nearby property on Milwaukee Avenue which features a single-story commercial building and large surface parking lot is available for $1.5 million. Another Milwaukee Avenue property, which includes a former nightclub, several apartments, and a surface parking lot was also recently for sale.

So, what can we expect at this nearly four-acre property bound by Milwaukee, Pulaski, and Belmont? “It’d be nice if there was a grocer, maybe some entertainment, and maybe a couple of bars—a lifestyle center to bring people together,” Gagliano tells us. “This redevelopment truly could change this area.”

Full disclosure: Curbed Chicago editor AJ LaTrace was vice president, board member, and zoning committee member of the Avondale Neighborhood Association from October 2016 until May 2017.

• Large Milwaukee Avenue parcel hits the commercial market [Curbed Chicago]
• Milwaukee Avenue's transformative development boom, mapped [Curbed Chicago]