Land purchase in Rogers Park
According to Curbed, Sam Goldman has purchased the Heartland Cafe site at Lunt and Glenwood for $1.3 million and proposes to build 60 apartments, of which 54 would be unaffordable. The Alderman's survey indicates most respondents want fewer unaffordable units. This price implies $21,667 per unit ($24,074 per unaffordable unit), which seems pretty cheap to me. The low price might reflect the probability that the total number of unaffordable units will end up being less.