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nvirons Development is capitalizing on Chicago's luxury housing market, where low inventory and high demand are driving up residential development. The company's latest success story is a 9,000-square-foot mansion at 1837 North Howe Street in Lincoln Park, which sold for $7.2 million to an unknown buyer through a trust. Originally listed for $7.35 million last March, the seven-bedroom, eight-bathroom home was completed just before its sale.

    The developer secured a $4.8 million construction loan from Heartland Bank & Trust in September 2023, with the potential for additional funding up to $4.8 million. The final project cost remains unclear. This deal follows another luxury Environs sale earlier this year at 1920 North Howe Street, which sold for $6.8 million.

    Lincoln Park has been a key focus area for Environs' development and restoration work in recent years, along with Lakeview, Gold Coast, and the DePaul area. Another Environs project under construction in Lakeview is pending sale after going under contract in May for just under $4 million. The Lincoln Park mansion was listed by Kevin Wood of @properties, while Dan Collins represented the buyers.

    Lincoln Park consistently ranks among Chicago's wealthiest neighborhoods, with an average single-family home value of $813,000 as of last year. A 2023 ranking by the Chicago Tribune placed it at No. 9 in terms of wealth and expense. Lower interest rates could further boost development in Chicago, particularly in areas like Lincoln Park and Lakeview, which have historically benefited from increased investment.