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Developer Buys Vacant Logan Lot For $550,000, Plans Mixed-Use Project

By Mina Bloom | April 24, 2017 4:56pm
 Kiferbaum Development bought the vacant lot at 1966 N. Milwaukee Ave. for $550,000.
Kiferbaum Development bought the vacant lot at 1966 N. Milwaukee Ave. for $550,000.
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LOGAN SQUARE — The corner of Armitage and Milwaukee avenues is heating up with yet another mixed-use development proposal.

Kiferbaum Development recently bought a 4,000-square-foot vacant lot at 1966 N. Milwaukee Ave. for $550,000 with plans to build a five-story mixed-use development on the site. Greg Dietz and Danny Spitz of Baum Realty brokered the sale.

The project calls for a mix of studios, one-bedroom and two-bedroom apartments above approximately 2,200 square feet of retail space, according to Joseph Kiferbaum, who runs Kiferbaum Development.

Rents will start at around $1,400, with $2,300 for a two-bedroom, Kiferbaum said. A rendering was not yet available.

Kiferbaum's project will be right next to a Clayco's huge new development at 1980 N. Milwaukee Ave., which calls for 132 apartments — mostly studios and convertibles — also starting at $1,400. The real estate development arm of Clayco, CRG, is behind the project.

While the two projects are not related, they represent a renewed interest in the real estate surrounding the Western Blue Line station.

A rendering of Clayco's project at 1980 N. Milwaukee Ave. [Provided]

"We’re excited by the other developments in the neighborhood and proximity to the blue line," Kiferbaum wrote in an email.

Both developments fall under the transit-oriented ordinance due to their proximity to the Western Blue Line, meaning they would be allowed to offer far fewer parking spaces than normally required of projects their size. Clayco's development, which faced protest from neighbors, received city approval back in December.

Kiferbaum said his team is currently seeking input from the community.