Elite Lincoln Park school buying condos, leaving neighbors wary of land grab

Aug 30, 2019 by

A prestigious private school near the Lincoln Park Zoo is buying condominiums in century-old buildings alongside its campus, worrying wealthy neighbors that they’ll be pushed out by an expansion.

Image result for Francis W. Parker School photos

327 West Belden Avenue and Francis W. Parker School crest (Credit: Google Maps and Facebook)

Unlike real estate deals that displace poorer neighbors, the Lincoln Park dispute pits residents of one of the wealthiest pockets of the city against a school with tuition approaching $40,000 a year and a well-connected board of trustees.

The Francis W. Parker School recently offered more than $20 million to buy two century-old residential buildings on West Belden Avenue — $11.2 million for Belden by the Park and $9 million for the neighboring 19-unit building at 317-325 W. Belden, according to residents of the buildings.

Those offers were rejected in votes by the buildings’ condo associations. The school took a different approach.

Source: ‘It’s not neighborly.’ Elite Lincoln Park school buying condos, leaving neighbors wary of land grab – Chicago Tribune

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