Site of planned apartment building along Speer sells for $1.5M

A site development plan calls for the vacant office building at 2881 N. Speer Blvd. to be replaced by a five-story apartment building. (BizDen file photo by Thomas Gounley)

A vacant single-story office building along Speer Boulevard in Jefferson Park has sold to the team that plans to redevelop the site.

Speer Development Group LLC purchased 2881 N. Speer Blvd. in January for $1.45 million, according to county records. The sale price works out to $159 a square foot for the 0.21-acre lot.

A site-development plan was submitted to the city last year proposing a five-story, 36-unit apartment building at the site. Records show the plan is still under review.

State business records indicate David K. Jensen owns an 80 percent stake in the LLC that purchased the property.

The property was sold by 2881 N Speer LLC, which purchased the property in August 2005 for $520,000, according to records. The building previously was occupied by marketing firm Cohn, which left for a larger space in May 2016.