An underutilized, City-owned parking lot on the Near North Side will be sold to a private elementary school under a plan approved today by City Council.

Totaling 0.49 acres, the parking lot at 1217 N. Bosworth Ave. will be sold for its appraised value of $3.7 million to nearby Near North Montessori, which intends to use it for parking and landscaped open space.

The parking lot averaged $63,500 in annual revenue between 2012 and 2015; representing a 1.7 percent return against its appraised value.

The proposed sale was negotiated by CBRE Group Inc. on behalf of the Department of Planning and Development. CBRE will receive a 3.75 percent commission.

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