U
rban Edge Group acquired three historic homes in Lincoln Park's North Mohawk Street for $5.7 million, marking a significant off-market deal that highlights the neighborhood's appeal to developers. The 8,900-square-foot properties will be demolished to make way for an eight-unit luxury condo building, with prices expected to exceed $634 per square foot.

    The area's flexible zoning policies allow for medium to high-density multifamily buildings alongside single-family homes and townhouses without costly zoning changes. This makes Lincoln Park a prime target for developers seeking smaller multifamily deals in areas with favorable zoning.

    "The highest and best use" of the properties, according to Alex Morsch of Cross Street, is to replace three single-family homes with a condo building capable of housing eight families. The deal represents a shift towards neighborhoods outside the city center like Lincoln Park, where luxury buyers are increasingly drawn to move-in ready homes and condos.

    However, experts warn that Lincoln Park's flexible zoning may come at a cost as the neighborhood continues to see high levels of redevelopment. "A lot of the neighborhood is going to lose its original character over time," Morsch said, comparing it to Wicker Park's strict landmark and historical status.

    Urban Edge plans to feature an elevator and indoor parking garage in the new condo building, which will be listed through DG Advisors Group once completed. The deal marks a significant trend towards smaller multifamily deals in areas with favorable zoning, as developers seek to capitalize on rising construction costs.