Tuesday, July 26, 2016

KIG Brokers $16.6 Million Sale of Vacant Land Site Adjacent to Ruth Page Center for the Performing Arts in Chicago’s Gold Coast

Ruth Page Center for Performing Arts, Gold Coast Neighborhood,
Chicago, IL

Susan Tjarksen
CHICAGO, IL  — KIG, Chicago’s leading commercial real estate brokerage firm specializing in institutional multifamily properties throughout the Midwest, announced it has brokered the sale of a quarter-acre parking lot adjacent to the Ruth Page Center for the Performing Arts in Chicago’s Gold Coast neighborhood.

 Chicago-based Lexington Homes purchased the property, located at 1022-28 N. Dearborn Parkway, from the Ruth Page Foundation for nearly $16.6 million, with plans to develop a 28-story luxury condominium tower on the site.

“Given the highly desirable location of the Dearborn property – steps from the Newberry Library and Washington Square Park – as well as its status as one of the last undeveloped parcels in this stretch of the Gold Coast, we knew interest would be especially high,” said KIG Principal and Managing Broker Susan Tjarksen, who represented the seller in the transaction.

 “Lexington was selected not only because they’re one of the city’s most active and reputable homebuilders, having brought more than 40,000 homes to market over the past four decades, but also their ability to assemble top-notch design and construction teams.”

 The Ruth Page Center will continue to operate out of its current building, located immediately south of the planned tower. 
Venetia Stifler
"The sale provides a much-needed financial bridge for the Ruth Page Center to be able to remain in its current location,” said Venetia Stifler, Ruth Page’s executive and artistic director.

 “Like so many non-profits, we were greatly affected by the financial crisis our country was facing in 2008. 

"The endowment created by the sale of the parking lot will help safeguard the future of the Ruth Page Foundation. 

"However, it will not diminish the hard work and necessity for ongoing fundraising to balance our annual operating budget needs.”

Designed by Chicago-based Pappageorge Haymes Partners, the planned 28-story high-rise provides for up to 50 luxury condominiums with private balconies and deeded parking. 

For a complete copy of the company’s news release, please contact:

Cara Mooses, cmooses@taylorjohnson.com, (312) 267-4523
Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

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