textfield=Albany Park

A whole new neighborhood is being built in the Mayfair section of northwest Albany Park. The redevelopment of the former Bankers Life and Casualty complex involves 29 buildings on 10 acres at Lawrence and Elston avenues. The Albany Park neighborhood is bounded by Foster, Pulaski and Montrose avenues and the north branch of the Chicago River.

Housing: Residential housing in Albany Park is divided into almost equal thirds among single family homes, two and three flats, and multi unit buildings. A residential development with five condo buildings (400 units in all) and some single family homes is bringing new life to the community. In 1997 the average price of a single-family home sold in Albany Park was $152,719. Townhouses and condominiums sold for an average price of $116,765 in 1997. Apartment rents in rehabbed buildings range from $515 to $550 for one-bedroom apartments; from $575 to $675 for two-bedroom units; and from $700 to $850 for three-bedroom units. Rents are much lower in buildings that need renovation.

Transportation: The CTA's Ravenswood Line rapid transit trains stop at Lawrence and Kimball, and at Kedzie and Francisco; the ride downtown takes about 30 minutes. There is CTA bus service on Foster, Lawrence and Montrose.