CHICAGO — Developers have bought the three-story mixed-use building next to the Riviera Theatre with plans to convert the vacant upper floors into an 18-apartment residence.
The building at 4752-4760 N. Broadway sold for $2.82 million in May after less than three months on the market, according to John Przybyla, managing broker at Marcus & Millichap. Bank of America, the ground-floor tenant, will remain, while the second and third floors will be renovated.
The property was purchased by Lake Point Apartments & Development LLC, according to Mike Krueger, the owner of Lake Point Apartments.
Krueger said he plans to build 18 new "soft loft" apartments in the second- and third-floor space, which have 12 foot ceilings.
Krueger, who owns other apartments in the area, said he's a big fan of Uptown and hopes to own even more property in the neighborhood.
"I really like where Uptown is going," Krueger said adding the apartments should be completed by next fall.
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