By Andrew SchroedterCrain's
(Crain’s) — A little-known developer is betting that strong demand for North Side rental housing will continue as he converts a former nursing home near Andersonville to apartments.
A venture owned by Stuart Shiner paid just under $1.28 million in April for the 29,190-square-foot building at 1470 W. Carmen Ave., according to property records.
He is converting the five-story red brick property, a former 113-bed nursing home on the north edge of Uptown, into an 18-unit rental development.
It’s a rare apartment project for Mr. Shiner, who has converted several North Side commercial buildings to condominiums in the past decade, including a 22-unit development at 1500-10 W. Ohio St. in West Town.
He says the former nursing home, built in 1915 and once known as Carmen Manor, would make an attractive condo building. But with housing sales expected to remain sluggish through at least this year, he elected to turn the property into apartments. Continue Reading
Is that near Helen? I think her neighborhood needs some more affordable housing. Those units probably cost less than $400k per.
ReplyDeleteWhere is the outrage from Helen? Won't this displace people?
ReplyDeleteOh that's right, this is on her own street. Gotta keep it nice.
And, from what I can tell, not a penny of public money was used.
ReplyDeleteWhat a novel concept.
Its just east of clark.
ReplyDeleteIn the "andersonville" business district.
Very nice buiding. I wouldve bought myself if I had the dough.
Glad to see someone fixing it up.