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L3 Capital Buys $3.5 Million Worth of Lakeview Property: Report

 L3 Capital reportedly bought a stretch of buildings at Lincoln and Roscoe.
L3 Capital reportedly bought a stretch of buildings at Lincoln and Roscoe.
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DNAinfo/Erica Demarest

LAKEVIEW — L3 Capital, which already owns extensive property on Southport Avenue, has set its sights on Lincoln Avenue, Crain's Chicago reported.

The retail investment firm recently bought $3.5 million worth of property at the corner of Lincoln and Roscoe (3351-3361 N. Lincoln Ave.), according to one of the firm's principals.

L3 Capital told Crain's Chicago it plans to demolish all but one of the buildings to ultimately create an extra 21,500 square feet of retail space.

“The face of Lincoln Avenue is going to be changing drastically over the next 12 months," said Heather Way Kitzes, executive director of the Lakeview Chamber of Commerce.

Kitzes wouldn't comment on which retailers could come to the area, but said she was excited about new development on a street that's long struggled with retail vacancies.

L3 Capital has invested heavily on nearby Southport Avenue over the years, amassing at least 24,500 square feet of property, Crain's reported.

Greg Schott, the company's principal, said in an interview last year that he hoped Southport could become Lakeview's version of Oak Street in the Gold Coast.

"The goal is to reposition the street," he said, adding that he hoped to attract national and international high-end retailers like Alice and Olivia or Theory.

There's no word yet on what could be coming to Lincoln Avenue, but Schott told Crain's that L3 Capital is talking to restaurant firms and apparel groups.

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