School to purchase city-owned parking lot for $3.7 million

Mayor Rahm Emanuel introduced the sale to City Council Sept. 14. | File photo

By JoAnna Brown

Sep 20, 2016

Near North Montessori School is interested in purchasing a Near North Side city-owned parking lot for its appraised value of $3.7 million.

Mayor Rahm Emanuel introduced the sale to City Council Sept. 14.

The 0.49 acre-parcel at 1217 N. Bosworth Ave. is being used as a metered parking lot managed by LAZ parking. The revenue earned from the parking meters is only a 1.7 percent return against the appraised value. Between 2012 and 2015 the metered spaces average a yearly intake of $63,500.

Near North Montessori School would like to renovate the area into landscaped open space.

CBRE Group Inc. negotiated the proposed sale for the Department of Planning and Development. If the deal is completed, CBRE will receive a 3.75 percent commission.

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