The university paid about $52 per square foot for a long-vacant 18,000-square-foot site at the northwest corner of Broadway Avenue and Rosemont Avenue, about a block from the university’s campus, according to real estate firm Titan Commercial LLC, which represented Loyola in the transaction.
A Loyola spokeswoman says there are currently no plans for the site, 6300 N. Broadway Ave., where residential developers once planned a five-story condo building. The site is not included in the university’s master plan for development but is within the Devon/Sheridan tax-increment financing district, which was established in 2004 and includes parts of Broadway, Devon Avenue and Sheridan Road, Crain’s reports.
The sellers were developers Altaf and Nasir Hemani, who paid $800,000 for the land in 1994, property records show. Their lawyer, Richard Witry of Chicago-based McCarthy Duffy LLP, didn’t return a call seeking comment, Crain’s reports.
The site has remained vacant since the Hemanis’ plans fell through for a 36-unit condo building with ground-floor retail space, Crain’s reports.
– Ali Narvaez
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