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Thanks to several large commercial property deals, Evanston finished 2013 with nearly twice the real estate transfer tax revenue that had been forecast in planning the year’s budget.

The final total revenue figure for the year was $3.95 million, compared to the $2.1 million in the budget forecast.

The headline deal of the final two months of the year was the sale of the Church Street Plaza complex downtown for $70.15 million on Nov. 6,

But in addition, Presence Healthcare sold 18 small apartment buildings it owned just south and east of St. Francis Hospital for a total of $4.755 million to two related limited liability companies.

Those buildings include all but four properties on the north side of Mulford Street from Ridge to Elmwood Avenues and ones just north of Mulford on the west side of Elmwood.

The small shopping center on the northeast corner of Ridge Avenue and Emerson Street changed hands for $2.66 million. And an apartment building at 1434 Chicago Ave. sold for $2.15 million.

And six unsold condo units and 14 parking garage spaces at the Winthrop Club, 1570 Elmwood Ave., were sold to 1570 Holdings LLC for $1.19 million.

Among single family homes, by far the biggest transaction was the $4.07 million sale of 581 Ingleside Park by former Groupon CEO Andrew Mason. Other single family sales topping the $1 million mark were:

  • A Tudor-style home at 1630 Judson sold for $1.66 million.
  • A Tudor at 2426 Lincolnwood Drive sold for $1.3 million.
  • A brick colonial at 705 Milburn St. sold for $1.35 million.
  • A brick colonial at 120 Dempster St. sold for $1.15 million.
  • A Tudor at 2130 Central Park sold for $1.1 million.

Photo from Google Maps.

Bill Smith is the editor and publisher of Evanston Now.

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2 Comments

  1. With the money collected from

    With the money collected from the Evanston real estate transfer tax, what is is it used for? Secondly, with a surplus of just under 2 million, what will that be used for? 

    1. Transfer tax revenue

      The transfer tax money is one of numerous sources of funds to cover the city's roughly $85 million general fund budget. Property taxes and sales taxes are two of the largest of the other sources.

      The City Council gets to decide what happens to any surplus — after accounting for any shortfalls in other revenue accounts.

      It's also worth noting that before the real estate slump, $4 million was a fairly typical annual revenue stream from the transfer tax.

      — Bill

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