In 2015, we acquired a single-story retail building at 1821-35 W. Montrose Avenue, directly adjacent to our Montrose Green development site at 1819 W. Montrose. The initial vision was to combine both properties into a larger, more comprehensive transit-oriented development adjacent to the CTA Brown Line station.
When that consolidation plan proved unfeasible, we faced a choice: sell the property as-is or reimagine it as a standalone asset that could serve the neighborhood in its own right. We chose the latter, seeing an opportunity to create lasting value for local businesses and the Ravenswood community.
The building had a fragmented tenant mix with short-term leases that provided neither stability for the businesses nor predictable value for the property. We negotiated buyouts with three tenants whose leases were nearing expiration, while extending terms with one tenant who was a good long-term fit for the corridor.
With the tenant repositioning underway, we undertook a comprehensive renovation. The work included interior improvements throughout the building and the installation of new storefront windows that transformed the property's street presence. The updated storefronts provided better visibility and curb appeal while maintaining the building's character within the Ravenswood neighborhood context.
As construction progressed, we focused our leasing efforts on local businesses seeking long-term homes with proximity to transit and a strong neighborhood customer base. We successfully leased the entire property to local entrepreneurs, each on multi-year terms that provided the stability they needed to invest in their own businesses.
Once fully stabilized with long-term leases in place, we refinanced the property to optimize the capital structure. The building operated successfully for several years before being sold to a new owner who continues to maintain it as a neighborhood retail corridor. The project demonstrates how strategic flexibility—being willing to pivot when circumstances change—can create value for both investors and the community.
