The future of a former convent in Lincoln Park appears to be primarily high-end housing.
Eight lots totaling 48,300 square feet at the former Cenacle Retreat Center will fetch a total of $21.5 million, Crain reported. The developer, an entity associated with Norwol Corporation and developer Rob Buono, will retain the remaining 30% for a multi-unit residential building.
The eight lots start at $2.05 million for a 4,834-square-foot lot, about 1.5 times larger than the city’s standard 25-by-125 size. The most expensive is a 7,504 square foot L-shaped lot with a price tag of $3.7 million.
The smaller is zoned for a 9,660 square foot home, while the larger can accommodate a 15,000 square foot one. Construction costs for high-end homes typically range between $700 and $1,000 per square foot.
At the lower end, a 15,000 square foot home on the larger lot would cost about $10.8 million plus the land purchase, bringing the total to at least $14.5 million. That matches two Lincoln Park mansions that sold for at least $12.5 million in 2021.
The developer, who did not disclose what he paid for the site, decided to sell lots of single-family homes due to Mid-North District covenants that limit the size of what can be built. He bears the demolition costs.
Lots will hit the market via a publicly available listing service within the next two weeks.
[Crain’s] — Victoria Pruitt