Report! Old Town Treasure Island property sold late last year for $14.7M

I walked by the former Treasure Island store in tony Old Town last week.  The building was recently sold and a large multi-unit development is sure to come. All photos Eric Rojas, Broker, Kale Realty

One year ago we pondered what would become of the closed and vacant Treasure Island building at 1639 N Wells Street in Old Town.  A report from the Chicago Tribune tells us the building sold rather quickly for about $14.7M (recorded in November of 2019).

Surely a large multi-unit building will be developed. Only questions will be if it is a rental or condo building and how much retail space will be included (another SoulCycle 😀).

Median price of a sold condo within a couple blocks of the Treasure Island building is an accessible $270,000. However that price will only get you a one bedroom unit with relatively high monthly assessment. Condos with two and three bedrooms sell in the $400s to $800s nearby... with proportionally high monthly assessments!