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