A new mixed-use development is planned for the 1700 block of East 71st Street in Chicago’s South Shore neighborhood. The plot of land (reportedly worth $230,000+) will be sold for only $75,000 to Tim Cochran, an area developer. The vacant lot is currently property of the city but the sale of the real estate was granted by the Chicago Community Development Commission in June.
Blueprints for the new project include a four-building design with 27 residential units and ground-level retail space. Proposed floorplans offer two and three bedroom condos starting at $200,000. The higher end units will be listed in the low $300,000s. A few lower priced condos will be available for home buyers with incomes at or below Chicago’s median income. These units will cost between $192,000 and $212,000.
South Shore is a predominantly residential community, located about 10 miles from the Chicago Loop. It is situated right on Lake Michigan and is home to the South Shore Country Club and Cultural Center (where the popular Lakefront Bike Trail ends). Rainbow Beach and Park is another neighborhood hotspot that attracts many South Shore families in summer for swimming, picnicking and other fun outdoor activities.