Wednesday, May 24, 2023

Second Time a Charm for Development at 4600 N. Magnolia?

In what may lead to the first development challenge for new Alderman Clay, the retail complex at 4600 Magnolia (also known by the street addresses 1244-1254 W Wilson Ave) has gone on the market for $1,695,000 ($277 per square foot) or best offer.

Our readers may recall the current building, built in 1992, replaced the beautiful building at the top of the photo set above which was demolished in the late 1970s. The retail strip mall has been home to some interesting tenants over the years, most notably the "Magic Johnson" Starbucks and the never-opened location of Baker & Nosh.  

In 2017, DLG Construction proposed replacing the strip mall with a transit oriented building (the third photo above), but local block club Magnolia Malden Neighbors rejected the proposal

Since 2017, there has been significant residential development in the neighborhood and we hear a different developer may come forward with a proposal similar to the 2017 project. The property is zoned B3-3 so a developer could bypass the alderman's office and build "as of right." Of course, without a zoning change request, the city's affordable requirements ordinance would not kick in. 

We will watch developments with this property closely!

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