Tuesday, July 31, 2012

Magnolia Flats

We've been getting a fair number of inquiries from readers asking about what's going on with the apartment building at 4875 N Magnolia, right across from the Bezazian Library.  Here's what little we know:

The listing on the
"Completed Transactions" page
of Essex Realty Group's website
The 75-unit rental building was sold in December 2011, a private party to private party sale.  It will be rehabbed, as it was really in terrible shape (not a shingle left on the roof!)  The building is now empty of tenants, and has been secured.  In the past week or so, tall grey boards have gone up around the ground floor, and a reader was kind enough to send us a photo of the wording stenciled on them:

a silhouette of a bulldog [??]

As we understand it, the building will be rehabbed and remain market rate rental apartments.  Because the developer is a private entity, we don't think the building will remain boarded up indefinitely, a concern that several neighbors raised.  The developer makes no money from an empty building, so we expect to see work begin very soon.

If anyone has any further details, please post them in the comments.


  1. Thank you -- as one of those who inquired, the update/information is appreciated!

  2. I believe a similar project is also ocurring at the corner of Winthrop and Balmoral in Edgewater. The same board up with stenciling is there on a multi-unit building there.

  3. Same Boards just appeared on Kenmore between Argyle and Winona

  4. http://www.suntimes.com/business/14488254-452/big-style-in-smart-places.html

    Flats, he said, is supposed to stand for “big style in smart places” at rents that don’t overshoot the market. With partners Alex Samoylovich and Thomas Kim, Michael hopes Flats will become known for offering modern finishes and unexpected amenities, such as a pool, sports club or skydeck lounge. The projected rents range from $800 a month for a studio to at least $1,400 a month for a two-bedroom.

    They range from early 20th century vintage buildings to four-plus-ones. Except for a deal in west Lincoln Park at 2478 N. Clybourn, the other Flats will be in Uptown or Edgewater at these addresses: 1025 W. Sunnyside, 1325 W. Wilson, 5718 N. Winthrop, 5411 N. Winthrop, 5051 N. Kenmore and 4875 N. Magnolia.

  5. Awesome news, i was hoping they were aiming high and they are...this is really great.

  6. Thanks for the long awaited info. When the boards went up around the neighborhood, the rebuilding came shortly afterwards. I say kudos because we all think that empty building was a dangerous eyesore.