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After flipping foreclosed homes, Mack is moving into the building business
Tinley Park-based Mack Companies has been among the most active buyers of foreclosed single-family homes in the Chicago area. It buys them, fixes them up and then leases them — an average of one a day, the company said. It now has more than 700 properties.
But with the market beginning to rebound, Mack is moving its focus back to what it did in housing’s halcyon days: build new homes. For $1.51 million, it has acquired a 27-acre development in Blue Island that includes a marina. Property owners will be able to drop their boats into the Little Calumet River.
The site at 1522 Broadway St., called Fay’s Point, includes 13 built but unoccupied town houses, the right to build another 44 town houses and five lots that could take up to 236 units of multifamily housing. Mack is negotiating zoning terms with Blue Island. The marina has about 80 boat slips.
“Given Chicago’s lack of quality for-sale inventory, there is no denying the pent-up demand for new construction in the market and we’re starting to see it really accelerate with the addition of new households,” said Eric Workman, vice president of sales at Mack.