11-May-17 – Elly’s will soon serve its last pancake. A half-acre in the southwest corner of North Avenue & Clark Street, south of Lincoln Park, has been sold to a partnership that will build a luxury condominium on the site.

Chicago-based Golub & Company, a real estate developer, and Avoda Group, an investment firm, announced the purchase on May 4. The partnership includes CIM Group, a real estate management company based in Los Angeles that recently developed Marquee at Block 37, an apartment complex in the Loop.

The condo will be a ten-story brick and stone building designed by Chicago architects Solomon Cordwell Buenz. It will offer views of Lincoln Park, Lake Michigan, Chicago History Museum, and The Moody Church, protected by air rights the partnership owns over low-rise buildings in the neighborhood.

No zoning variances will be needed, thanks to a previous, failed proposal that nonetheless received city approval for a luxury mid-rise condominium. 101 North (left) was proposed in 2015 as a 48-unit high-end condo.

According to Golub & Company, the new project will be “the first noteworthy development overlooking [Lincoln] Park in nearly a decade.”

“Our intention is to build an exceptional building that benefits from the abundance of light and views, and redefines this location,” said Michael Newman, President and CEO of Golub & Company. He says a design will be unveiled this summer.

Inside Publications assisted with this story.