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Luxury Condos with Retail Tenants Perk Up Sleepy Stretch of Damen Avenue

By Alisa Hauser | January 18, 2013 4:08pm

BUCKTOWN — Just seven months after construction began, a four-story luxury condominium development on Damen Avenue is ready for its first occupants.

Some neighbors are heralding the development at 1864-70 N. Damen Ave. — which boasts nine luxury two-bed, two-bath condos and three retail storefronts — as a sign of progress for a quiet stretch of Bucktown directly across from the fire station.

"They look very nice. Before, it was just vacant old homes. It makes the street much better. It's nice to be next to them," said Marie Viamparas, whose family has run George's Hot Dogs at 1876 N. Damen Ave., just a few doors north of the development, for 65 years.

Prices on the nine units, which feature hardwood floors, custom brushed steel and dark wood cabinets, range from $429,900 for the second-floor condos to $449,900 for the third-floor units.

 This single family home at 1524 N. Wood St. was built by Noah Properties and listed by Sergio & Banks Realty. Noah Properties also built a development at 1864-70 N. Damen Ave.
This single family home at 1524 N. Wood St. was built by Noah Properties and listed by Sergio & Banks Realty. Noah Properties also built a development at 1864-70 N. Damen Ave.
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Six of the nine units are under contract and all three retail storefront spaces have letters of intent from prospective tenants, said Sergio and Bank Real Estate agent Melissa Govedarica, who's co-listing the property with Demetrius T. Simpson.

"The fact we have retail leases shows that the market is heating up.  It's a good sign and shows stability," Govedarica said.

The development's builder, Noah Properties, has been prolific in the past year.

A single-family home by Noah Properties at 1524 N. Wood St. went on the market Dec. 21 and sold in just one day for $1.3 million, according to Govedarica.

Noah Properties is also the developer of an East Village project called Remy Estates, which is bringing six single-family homes and 12 condominiums to the site of a former bread bakery just south of Chicago and Damen avenues.

Realtor Gary Lucido said the developer has been good for the neighborhood.

"On my block, in the the 1800 block of West Erie, they [Noah Properties] have four new homes. They do real quality work," Lucido said.

Ald. Scott Waguespack (32nd) said the new development was a good sign.

"In the 32nd Ward, we're still seeing a lot of people open businesses despite some of the hurdles in dealing with the city. In terms of residential [development], we're seeing a lot of construction, not to extent we saw a few years back, but it's moving along at a fair clip," Waguespack said.