Aaron Giles & George Kokkonas Of 33 Realty Facilitate $3 Million Sale Of Development Site In West Town

The asset involved in this transaction is a development site located at 2309-2331 Grand Avenue in the West Town neighborhood of Chicago. The property spans 25,161 square feet and was sold for a total sale price of $3,000,000, reflecting a price per square foot of $119.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $3,000,000
• Square Footage: 25,161
• Address: 2309-2331 Grand Avenue
• Market: West Town, Chicago
• Price per Square Foot: $119

Aaron Giles and George Kokkonas of 33 Realty represented both the buyer and seller in this transaction. The deal was strategically structured to close following the successful rezoning of the property from C3-2 to B2-5, enabling the entitlement for a planned 68-unit mixed-use development comprised of two adjacent buildings featuring 52 and 16 residential units, respectively. Approval from the City Council was secured prior to closing, further facilitating this significant redevelopment in the Grand Avenue corridor.