In a post yesterday, we speculated that retail condos might be holding back neighborhood commercial strips, such as the ones along Chicago and California avenues in Humboldt Park. Ground-floor retail in the new mixed-use buildings that line these corridors appears to be half-vacant. A majority of the spaces are being sold as retail condos, and I suggested that their cost was prohibitive to many of the sorts of businesses neighborhoods want to attract (bars, coffee shops, video stores…).
Michael Rovitto, an agent with Dickson & Co Realty’s commercial division, acknowledges that retail condos aren’t within reach for all types of businesses, but, he says, the spaces are filling at a reasonable speed. With a market time of four-to-six months for ground-floor retail condos — sometimes even closer to nine months – these units are selling well, Rovitto says.
Rovitto is marketing several ground-floor retail condos in the area, including two 1,500-square-foot storefronts at 818-20 N California Ave priced at $249,900 and another 1,500-square-foot one pictured here at 2704 W Chicago Ave, which is priced at $245,900.
Of the eight units he lists on California and Chicago avenues, three are under contract and he’s been marketing them since late-Summer. Rovitti calls the spaces “destination locations” and says they’re ideal for a doctor’s office, a travel agent or a real estate broker – all valuable businesses in any community. But if too much space in an area is geared toward professional offices, will unique stores and services – boutiques, cafes, cleaners – be discouraged from setting up?