Originally Posted May 20th
7311-17 N. Sheridan Rd.
Property For Sale
Eric Van Berschot of Sheldon Good Realty relayed
this information on this North Sheridan Road property.
The existing parking lot, whose address is now
7311-17 North Sheridan Road was originally part of the
7301 North Sheridan Road property which has been bought
and sold several times recently. 7301 is located on the
N.E. corner of Chase and Sheridan Road and is now renting
studio, 1 and 2 bdrm apartments by IBF Property Management.
The new owner has decided to put the parking lot portion of
the property on the market. The property has officially been
for sale for a few weeks and the sign was only recently
installed late last week due to investor interest. The brick
house which is The Shambhala Meditation Center,is just
north and adjacent to the parking lot.
Asking price is $3.3 Million
Zoned R-T4A
.
7311-17 N. Sheridan Rd.
Property For Sale
Eric Van Berschot of Sheldon Good Realty relayed
this information on this North Sheridan Road property.
The existing parking lot, whose address is now
7311-17 North Sheridan Road was originally part of the
7301 North Sheridan Road property which has been bought
and sold several times recently. 7301 is located on the
N.E. corner of Chase and Sheridan Road and is now renting
studio, 1 and 2 bdrm apartments by IBF Property Management.
The new owner has decided to put the parking lot portion of
the property on the market. The property has officially been
for sale for a few weeks and the sign was only recently
installed late last week due to investor interest. The brick
house which is The Shambhala Meditation Center,is just
north and adjacent to the parking lot.
Asking price is $3.3 Million
Zoned R-T4A
.
posted by gf at 5:59 AM
5 Comments:
Being on the east side of Sheridan obviously this property is inside the area of the recently castrated Lakefront Protection Ordinance.
Density calculation
PIN 11-29-318-007
15,422 square feet of land
With the 10% "administrative adjustment" AKA "developer bonus":
15,422 + 10% = 16964
Zoned RT4 which requires 1000 feet of land for each residential unit:
16964 / 1000 = 16 units by rights
But the zoning does not tell the story. This property will no doubt be developed under a planned development, so all bets are off, anything goes.
> 7301 is located on the N.E. corner of Chase and Sheridan Road and is now renting
studio, 1 and 2 bdrm apartments by IBF Property Management.
> The brick house which is The Shambhala Meditation Center, is just north and adjacent to the parking lot.
Interesting test case for Moore in terms of his commitment to development that respects its surroundings. This property is in the middle of a block (the east side of Sheridan between Sherwin and Chase). There is exactly one property on either side of this vacant lot on that block. Immediately to the north, a 2-story single-family home. Immediately to the south, an 8-story 200-unit rental apartment building. Wonder which way this will shake out?
> Zoned R-T4A
Just for the record, the City's zoning maps, current as of 1/11/06, show the property as RT4 not RT4, but as I say it hardly matters as this property 15K square feet on Sheridan Rd will be developed as a planned development.
Zoning Map
> ... bought and sold several times recently.
From the Cook County Recorder of Deeds
On 3/08/2000 the Sheridan Chase Hotel building, the 8-story 200-unit apartment building on the northeast corner of Sheridan and Chase (PIN 11-29-318-008, 7301-07 N Sheridan) and the parking lot next door to the north (PIN 11-29-318-007, 7317 N Sheridan) were purchased by a trust controlled by restauranteur/real estate mogul Reza Toulabi for $1.48M (see CCRD document number 00184216).
In recent years the City of Chicago has been in court trying to pry these properties away from Toulabi. See cases 2003-M1-460001, 2004-M1-401400, 2005-M1-400678 and 2006-M1-675078.
Clerk of the Circuit Court of Cook County
On 1/10/2005 both parcels were transfered to DY LLC for $6.6M (see document number 0502104305). DY LLC is a Toulabi-controlled company.
DY, LLC
4428 N PAULINA ST
CHICAGO 60640
Robert Yassan
RANY Management (Toulabi's property manager)
4428 N Paulina St
Chicago, IL 60640-5306
(773) 334-9000
On 1/10/2006 Toulabi's DY LLC sold the Sheridan Chase Hotel building for $7.3M (see CCRD document number 0601722080) to a company 7301 N Sheridan LLC controlled by AYMAN KHALIL (and possibly also including Toulabi?).
About Alan Khalil & The InverBrass Funds, LLC
Inverbrass Funds, LLC
3324 W North Ave
Chicago, IL 60647-4935
(773) 384-9370
But DY LLC, controlled by Toulabi, continues to own the lot reference in this post.
Toulabi is familiar to Rogers Park residents as the financier behind the "Connie Abel's" legacy project a few blocks south on Sheridan.
thanx for all the info, hugh. however you look at it, that's a stunning return on investment. it doesn't take too much imagination to see how these adjacent properties might get bundled together. it does seem "odd" (wink), considering the run on condos that 7301 would be converted to rentals.
i'm curious why the city was trying to pry the property from mr. toulabi.
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