“More development news to share this morning, as Stewart School Lofts has been sold to a developer for $23 million, a premium of $7 million factoring in sale and rehabilitation costs.
“Longtime readers will recall that Stewart’s attendance had dwindled to less than 20 students per grade and was closed in a systemwide consolidation in 2013.
“Morningside, the previous owner, bought the landmarked building from Chicago Public Schools in 2016 for $5.1 million and then invested $11.6 million to rehab the building into residential units.
“The article discloses that the sale, at $363,000 per unit, is the highest per-unit multifamily sale in Chicago so far in 2022, higher on a per unit basis than a multi-unit sale at Astoria Tower earlier this year.” (Uptown Update, 5/3/22)
Read the full story at Uptown Update
Stewart School Lofts on the Move, Uptown Update, 5/3/22
Chicago investor sells former Uptown school converted into apartments for $23M; Profit for Morningside after $12M rehab of shuttered Stewart School; Sam Lounsberry, The Real Deal, 4/29/22
Former CPS building in Uptown turned into apartments, Dennis Rodkin, Crain’s Chicago Business, March 14, 2018
A glimpse inside Uptown’s old Stewart School ahead of its residential conversion, Jay Koziarz, Curbed Chicago, July 14, 2017
City of Chicago Commission on Chicago Landmarks, Final Landmark Designation Report, July 7, 2016