Speaking of Edgewater, it’s the site of another one of those “Not Yet Listed” properties Mario Greco‘s promoting right now. His office sent me specs last week for this, a new eight-flat rehab at 5434 N Winthrop Ave, just about a block and a half south of the Red Line’s Bryn Mawr station and a short walk away from both the Foster and Osterman beaches on the northern end of Lincoln Park.
Six two-bedroom / two-bath units will sell from the $320s to the $340s, while two garden-level one-bedrooms are set to be priced in the $230s, according to an early price sheet. Roof rights will be available to the buyers of the two third-floor “penthouses” at $10,000 per home.
Greco’s preliminary specifications seem very preliminary (they’re full of notes and asides about potential changes and alternatives), but the features and finishes stack up something like this: The homes will have oak floors throughout, crown molding in the main living areas, granite countertops, breakfast bars with overhangs, maple kitchen cabinets with undermount lighting, stainless steel appliances and sinks, Grohe showers, stone bath flooring and surrounds, in-unit laundry, and multiple outdoor spaces per plan.
Gated parking will sell for $10,000 per space.
Judging from our NewHomeNotebook entries, the few recent projects in Edgewater Beach have split evenly between new construction on or near Sheridan Road and rehabbed buildings on Winthrop. The new-construction one- to three-bedroom homes at Provenance, 5230 N Kenmore Ave, and 5430 Sheridan, 5430 N Sheridan Rd, range from about the $230s to the $510s (the proposed Bluewater 5440 high-rise on Sheridan would have homes from the $160s to $1.3 million, while the Winthrop projects, including this one, have one- and two-bedrooms ranging from the $160s to the $360s.
NewHomeNotebook:
• Rate and review 5434 North Winthrop
• View our list of new Edgewater condos and townhomes
Joe – I am guessing that Greco is a sponsor (and I hope this didnt cloud your judgement), but I think you need to mention that this project backs up to the EL tracks. It makes a BIG difference for many potential buyers.
Alan:
Greco is not a sponsor. I contacted his office about one property last week and received information about several others, hence the genesis of these posts. (That’s how most of our posts come about, in case new readers were wondering — we call to check in, not the other way around. Trust me, the other way would make my life a lot easier.)
That is something that many buyers will want to know — thanks for addressing it.
I think people appreciate the chance to know about developments before they hit. The tracks are an issue that I may not overcome personally, but the prices look to be starting off reasonable for that far south in Edgewater.
I have clients in a high-end single family home just north of there on Magnolia and they like the little area shops and restaurants (like the BYOB Indie Cafe) as well as proximity to the Andersonville Clark Street oasis of retail and dining.
BTW… I’m in the same brokerage with Greco but have no monetary interest in his deals… other than negotiating against him a couple times in the past on behalf of my clients.
Eight-flat? That’s a classic six-flat with a basement!