Chicago, IL

The retail district of 47th Street and Ashland Avenue was, and is again, a busy and prosperous node, however, it had never been home to new condominiums. Capitalizing on the market's unproven retail and residential demand, Baum Development decided to turn this 57,000 square foot four-story masonry building, constructed in the 1930's, to affordable and spacious residential units, despite brokers' warnings that it would not succeed in this particular market.

Without government assistance or subsidy, Baum turned the passed over former department store into 16 condominiums and a 19 stall indoor parking garage. These units, located at 4805-4813 S. Ashland Avenue were quickly sold and continue to be the only condominiums in the Back of the Yards neighborhood.

In addition, Baum created 14,000 square feet of retail space currently occupied by JP Morgan Chase Bank and Family Dollar.

For its work on this project, Baum received the 2006 Chicago Association of Realtor's Good Neighbor Award for contributions to Chicago area communities.