BUCKTOWN — The demolition of two neighboring homes, one built in 1892, is taking place this week on a major thoroughfare in Bucktown, and as early as this fall there will be seven new luxury condos replacing the old Armitage Avenue homes.
"The buildings were unusable, at end of life cycle. [The home] was completely destroyed inside, unlivable beyond any restoration. Not in good shape," said Art Gurevich, a Wilmette-based developer who purchased the homes at 2138 and 2140 W. Armitage Ave. for $858,500.
Located across from a poultry slaughterhouse and a new daycare, The Nurture Nook at 2151 W. Armitage Ave., the properties are about two blocks east of Western Avenue and one block west of Damen.
On Tuesday, Gurevich and his business partner, Mark Boldun, said they plan to build a 7-unit, masonry condominium building with an aluminum and glass exterior featuring floor-to-ceiling windows.
The new building will be "modern looking," Gurevich said.
The three-bedroom, two-bathroom luxury condos will offer garage parking and elevator access, Gurevich said.
The city issued a permit to wreck the homes on Friday. By Sunday, the back half of one of the homes had already met the wrecking ball.
Built in 1957, the one-story brick cottage at 2138 W. Armitage Ave, was sold for $423,500 in September. Built in 1892, the two-story multi-unit home at 2140 W. Armitage Ave. was sold for $435,000 in June, according to county records.
Gurevich said construction on the condos will begin "when the weather permits" and if all goes as planned, the homes will be available for sale in the fall.
As of Wednesday, there are 78 condos for sale in Bucktown, about a 33 percent decrease in inventory than the 116 condos that were on the market in early November, according to Realtor Eva Bergant's blog.
Bergant said 11 of the 78 condos on today's market are new construction, with an average price of $549,790 for the new construction condos. The average price of all available 78 condos on the market as of Wednesday is $429,996, according to Bergant's blog.
"New construction is higher priced because it may be customized to the buyer, has never been lived in, has all brand new appliances with warranties, shows off current designs and in our area is more rare," Bergant said.
In addition to Bucktown and Lincoln Park, Gurevich and Boldun have also developed properties in East Wicker Park between Wood and Ashland, Gurevich said.
When asked why they chose to build on Armitage Avenue, Gurevich said "It was available, it was Bucktown."