Given the building trend toward high-end condos in the neighborhood (more on that here and here), it was probably just a matter of time. But now it is official: Elly’s Pancake House, the beloved Old Town/Lincoln Park institution at the southwest corner of North and Clark will be torn down to make way for what are turning out to be surprisingly pricey condos, even for the area.
Curbed reports that pre-sales in 101 North (the name of the new development) have begun, and the first two units have listed for $2.4M each. They offer over 3,000 square feet with the ability to customize. But potential buyers take note: monthly assessments are expected to be as much as $1,900, and parking will cost an additional $65,000 to $75,000.
Of course this is essentially the Gold Coast, where Chicago’s second-priciest listing recently hit the market at $17M. So perhaps these Gold Coast condos will seem like a steal to the right buyer.
*Photo courtesy of Flickr user Chad Kainz.
File: Gold Coast condos