A developer is targeting a premium sale at a custom-built Lincoln Park home project in one of the neighborhood’s hottest corridors.
Chicago-based Savane Properties is asking $10 million for a yet-to-be-built custom home on two lots at 1867 North Burling Street, according to public listings.
The listing notes that the home’s custom design could include five to eight bedrooms, at least five bathrooms, a front driveway entry to a four-car garage, and a “suburban-sized” backyard, sports court or in-ground pool. The homes range in size from Ranging from 6,000 square feet to 14,000 square feet.
The company, which is led by founder John Morgan, did not respond to a request for comment, particularly on whether the homes are priced flexibly amid a slowdown in the ultra-luxury market.
The company’s other projects have been on the market for some time. Two of its other Lincoln Park properties — 2146 North Magnolia Avenue and 1912 North Orchard Street — have yet to find buyers despite listing at lower prices. The Magnolia Avenue home, which is asking $4.5 million, has been on the market for more than three months. The Orchard Street house was asking $5.6 million before it was pulled from the market.
Only two homes in Chicago have sold for $10 million or more this year, the highest being Ken Griffin’s $11.2 million sale of his Park Tower condo following the billionaire’s trip to Miami. Another property similar to that sold by Savane: a triplex in 1956 North Orchard in Lincoln Park sold for $10.65 million.
The spec property in Savane is the third most expensive property in Lincoln Park. The most expensive listing in Chicago is a $30 million, 20,000-square-foot mansion also on nearby Burling Street. A restored three-story mansion on North Kenmore Avenue is listed for $10.75 million. Built in 1885, the 13,500-square-foot home has ten bedrooms and ten bathrooms.
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The planned mansions are part of a broader trend in Lincoln Park, where developers have been buying land and older homes since the recession, knocking them down and amalgamating them into ultra-luxury homes.
Last year, a four-lot property sold for $9 million as part of a custom-designed project by BGD&C Homes, a high-end Chicago builder led by Rodger Owen. The sale is somewhat formal, given that the client will be designing new homes, and the price could exceed the cost of the land, making it one of the most expensive single-family properties in the city.
