When investors involved with the Linden Crossing condominium project did not close on the Famous Dave’s site at 4264 Upton Ave. S., the group 43UP LLC seized the chance to buy the property in early February.
“Everybody has been aware of the project forever,” said Jake Schaffer, a real estate broker and a new owner of the site. “Closing dates have been missed. Eventually it was time for something to happen. The sellers elected to go our direction.”
Schaffer said he hasn’t finalized any development ideas yet. He said Clark Gassen, developer of The Walkway apartments and Edgewater condominiums in Uptown, would likely be involved in some capacity.
“We’re really just starting to digest everything,” Schaffer said. “Everything is on the table right now. … It is the million-dollar question.”
He said they’re researching the background of the site and the former condominium proposal, and they haven’t decided whether to continue aspects of the former design. The previous Linden Crossing project included the neighboring Edward Jones site at 4250 Upton Ave. S., and Schaffer said he hasn’t decided whether to acquire that site as well.
“We’re not affiliated in any way with the previous group,” he said.
Schaffer said the team would work proactively, however, and wouldn’t let the lot “sit around.”
The site’s former developer, Mark Dwyer, planned to build commercial space and condominiums priced from $600,000-$1.5 million. He said investors “did not buy the parcel due to complications inside their group,” and cited factors including rising construction costs, project delays and lost cleanup grant funding.