Ultra-Pricey Land Sale Recorded in Lincoln Park

Lot in Lincoln Park sold Lincoln Park is known for pricey real estate, but one recent sale was just for the land. The land went for $9 million.

The sale apparently went through in late October but wasn’t recorded in real estate listings for nearly two weeks. The pricey lot sits on Orchard Street.

It was sold by a high-end home developer in the neighborhood. Reportedly, zoning allows for a 21,000 square foot house to go in on the property, but the developer isn’t expecting the home to be that large.

A principal with the firm estimates even a 15,000 square foot house would likely mean spending up to $15 million, or so, on construction alone. If that happens, it will likely push the total investment on the property to somewhere upwards of $20 million.

Of course, it’s possible for a smaller home, but it’s not very common for a home in the neighborhood to be constructed for less than the land price. Originally, the firm had looked at tacking on a fifth lot to the four it already owned on Orchard, which could have meant enough space for a 37,000 square foot home.

The firm started purchasing the lots as early as 2013. One of the existing buildings standing on the lots was previously torn down and plans to tear down the other structures began about a month ago.

While the price is high, it’s not the priciest sale in Lincoln Park in recent years. Over the past few years, five properties in Lincoln Park have sold for prices ranging between $9.5 million to $12.5 million. Of course, those sales weren’t just for the land, but also for the house.