Toward the end of last year, we visited the 2400 block of W. Thompson St. to tell you about a property on the block that was listed for sale. We believed that 2414 W. Thompson St. was a little overpriced at $125K but suggested that the block had potential and a buyer could find value as the area appreciates. Perhaps inspired by our story, a buyer came forward for the property and purchased it last month for $100K. We don’t see any permits yet, but we assume a rehab will be forthcoming.
Not only were we correct that someone would buy the property at a slightly lower price, we were also on point about the potential for the block. If you visit, you’ll notice some zoning notices posted to the fence in front of 2428 and 2430 W. Thompson St., both of which are sitting vacant. We should note that 2426 W. Thompson St. is also vacant but isn’t included in this project.
Developers are looking to combine the two lots into one and build a six unit building here. By right, they could build a pair of duplexes or one four-unit building, but in order to build the additional units they need a variance. We can’t say we blame them for trying, the lots are a good size at a combined 32’x67′, and the parcel could certainly accommodate the two extra units. We don’t, however, have much of a sense of how the community will respond to this proposal, perhaps someone that lives nearby can give us some insight?
Worst comes to worst, the developers could easily follow the lead of the developer down the street and build two duplexes by right. We’d expect a rental play with the six unit building, but duplexes would open up the possibility of selling condos instead. We’ve seen condos sell just a few blocks away on the 1200 block of N. 27th Street, so it’s quite possible they could work here too. See, multi-family zoning isn’t so bad after all! Not everyone shares this perspective, however.