Roscoe Village Riverfront, an 80,000-s.f. parcel with 300 feet of Chicago River frontage, has been sold to Zev Salomon of ZSD Corp for $5.95M. The buyer plans to develop a 35-unit residential community on the site called RiverWard Row Homes.
Property: Roscoe Village Riverfront parcel in Chicago
Price: $5.95M
Buyer: ZSD Corp
The site, located at 2221 West Oakdale Avenue in Chicago’s Roscoe Village neighborhood, is in an area with strong residential demand.
“There are only so many developable sites situated on the Chicago River, and they are always in demand from all kinds of developers,” said Wayne Caplan, SVP of SVN Chicago Commercial, who represented the seller. “This long-vacant site will be turned into a beautiful row home community. The deal took more than a year to close due to many time-consuming obstacles that the purchaser had to overcome, including a zoning change and coordination with the Army Corps of Engineers on river access, but ultimately, they got it across the finish line.”
The planned 35-unit row home community will contribute to the continued revitalization of the Chicago River corridor, which aims to cement the city’s image as a desirable place to live, work and visit.
“The transformation of the Chicago River, along with the site’s convenient location in the middle of four Chicago neighborhoods with strong residential demand – West Lakeview, Roscoe Village, Bucktown and Avondale – were key factors that made this development opportunity so desirable. The most recent $100M expansion of the Chicago Riverwalk in 2017 has helped spur significant development of a variety of uses along the river, both north and south of the Loop,” said Adam Thomas, VP of SVN Chicago Commercial.
Kale Realty and Matthew Lucas of Accretive LLC represented the buyer. Similar projects planned by ZSD Corp on West Oakdale Avenue include additional homes with private garages, yards, balconies and roof terraces.
