The duplex at 5440 W. 25th Ave., along with vacant land behind the building, sold last week. (Matt Geiger/BusinessDen)
The tiny City of Edgewater now has a slightly larger real estate portfolio.
Last week, the municipality west of Sloan’s Lake purchased 5440 W. 25th Ave for $2.49 million, according to public records.
The property contains a 6,055-square-foot duplex built in 1953 that is split between a day care and apartments, as well as 6,650 square feet of undeveloped land behind the building along Benton Street. A marketing brochure listed the entire site for $2.75 million: the duplex for $2.2 million and the vacant space for $550,000.
Edgewater isn’t planning any immediate changes.
“That property is not going to be developed for quite some time,” said Dan Maples, Edgewater’s city manager.
The future of the property may be detailed in the city’s next master plan, which it hopes to finalize later this year or early 2024.
Some potential changes could be recreationally focused. Public documents on the plan’s drafting process indicate several objectives for improving Memorial Park, located next door to the property which was just sold.
Another important element of the in-progress draft focuses on the question of mixed-use development. The city currently does not allow mixed-use zoning, despite the recently sold building containing both residential and commercial uses.
“Should we allow for ground-level retail and second-level housing along lower 25th Avenue?” asked John Beltrone, mayor of Edgewater, in a recent column.
This question will be answered upon completion of the new master plan, Edgewater 2040, which will update and review the current master plan from 2013.
The building was sold by Thomas French, a real estate investor who purchased the space in 2014 for $888,000, records show. The building and its tenants will remain in place for now. The day care, Lightway at Sloans, has five years left on its lease, said Ryan Floyd, the broker who represented French. The five apartments — one 500-square-foot studio and four 550-square-foot one-bedrooms — rent for $1,400 and $1,650 a month, according to marketing materials.
The duplex at 5440 W. 25th Ave., along with vacant land behind the building, sold last week. (Matt Geiger/BusinessDen)
The tiny City of Edgewater now has a slightly larger real estate portfolio.
Last week, the municipality west of Sloan’s Lake purchased 5440 W. 25th Ave for $2.49 million, according to public records.
The property contains a 6,055-square-foot duplex built in 1953 that is split between a day care and apartments, as well as 6,650 square feet of undeveloped land behind the building along Benton Street. A marketing brochure listed the entire site for $2.75 million: the duplex for $2.2 million and the vacant space for $550,000.
Edgewater isn’t planning any immediate changes.
“That property is not going to be developed for quite some time,” said Dan Maples, Edgewater’s city manager.
The future of the property may be detailed in the city’s next master plan, which it hopes to finalize later this year or early 2024.
Some potential changes could be recreationally focused. Public documents on the plan’s drafting process indicate several objectives for improving Memorial Park, located next door to the property which was just sold.
Another important element of the in-progress draft focuses on the question of mixed-use development. The city currently does not allow mixed-use zoning, despite the recently sold building containing both residential and commercial uses.
“Should we allow for ground-level retail and second-level housing along lower 25th Avenue?” asked John Beltrone, mayor of Edgewater, in a recent column.
This question will be answered upon completion of the new master plan, Edgewater 2040, which will update and review the current master plan from 2013.
The building was sold by Thomas French, a real estate investor who purchased the space in 2014 for $888,000, records show. The building and its tenants will remain in place for now. The day care, Lightway at Sloans, has five years left on its lease, said Ryan Floyd, the broker who represented French. The five apartments — one 500-square-foot studio and four 550-square-foot one-bedrooms — rent for $1,400 and $1,650 a month, according to marketing materials.
