Developer Buys Huge Site Near California Blue Line For About $4M, But Has No Immediate Plans To Redevelop It
LOGAN SQUARE — A Chicago-based developer bought the Family Dollar site on Milwaukee Avenue for a little more than $4 million this spring, but says he has no immediate plans to redevelop it.
John Supera of Supera Asset Management bought the property at 2274 N. Milwaukee Ave. for $4.125 million in March, Cook County property records show. The Chicago-based firm bills itself as specializing in the “purchase, renovation and development of residential real estate,” according to its website.
Reached by phone this week, Supera said he bought the property as a “longterm investment,” and has no immediate plans to redevelop it. He said the Family Dollar has a multiple-year lease and won’t be closing anytime soon.
“There are no plans to redevelop in the near future. I hope [Family Dollar] stays, and I won’t know for a number of years whether they’ll be renewing,” Supera said. “That’s the nature of commercial real estate. You see what happens with your tenant.”
But the developer said he’s not ruling out a future redevelopment of the site, adding, “Do I think it’s a future development site? It could be.”
The site, which includes a one-story building and a large parking lot, is directly across the street from the largest development in the neighborhood, the MiCa Towers. It’s also adjacent to the California Blue Line, making it an “irreplaceable location for a future [transit-oriented development site on Milwaukee Avenue in the thriving Logan Square submarket,” according to a LoopNet listing.
Ald. Joe Moreno, whose 1st Ward includes the site, declined to comment on the sale through his chief of staff, Raymond Valadez.
