March 26, 2009 - While downtown Chicago real estate developers are drastically cutting back on projects due to slow sales and lack of available financing, it seems that suburban Chicago condo developers are much more optimistic. A four story, 31 unit low-rise in Winnetka has been proposed by New Trier Partners LLC and will go up for zoning approval by the Village Council in April, according to Crain’s.
The new project would be constructed on Lincoln Avenue and Elm Street where the Fell Company clothing store currently stands. This project would cost roughly $50 million to construct and include 26,000 square feet of retail space. Even if the Council gives approval they stated that demolition won’t be allowed unless the developer has financing locked in place.
While Winnetka officials seem to be in favor of the project, there are quite a few local residents who are opposed to tearing down the Fell building. That structure was built in 1968 and the residents would rather see the building with its unique design preserved, according to the article.
The new condos would be marketed for about $800,000 to $1.8 million, making them a little pricey for some buyers in today’s market. But the developer doesn’t expect to start construction until 2010 and believes that by then financing and demand for condos will pick up. “It’s not like we’re going up against nine other developments (in Winnetka). The lenders see that as a plus,” Michael Klein of New Trier Partners was quoted as saying.
Until then, you can check out some other Suburban Chicago Condos that are ready for you to move-in now.