chicago-condos & Chicago Real Estate pcherry on 30 Apr 2009 06:48 pm

No Fairy Tale Ending For Odyssey Lofts

April 30, 2009 - Greektown is the location of another Chicago real estate development foreclosure. This time the project in jeopardy is Odyssey Lofts, located on 775 West Jackson Boulevard. A recent Crain’s article states that Midwest Bank and Trust has filed a $17.4 million foreclosure suit against Odyssey Lofts, which was a six story building conversion project with two new floors added on and a total of 62 units.

With such a comparatively low unit inventory, the building probably would have had more success and sold out in a better housing market scenario. But Odyssey Lofts only had 15 sales and deliveries began in July of 2008. The renovation and new construction is nearly finished and developer W Developments is still marketing the other 47 Chicago lofts in the project. Prices on the one to three bedroom lofts are listed from the $240,000s to $620,000s.

The construction loans were personally guaranteed by David Wallach of W Developments and he didn’t deny that he was in default on the repayment. However, he also was keeping a positive attitude about Odyssey Lofts, at least in the Crain’s interview. “We are not looking at this as a failed project, ” he said, and he also stated that he is still trying to negotiate a new deal with Midwest Bank or a loan extension.

Wallach also basically commented that Odyssey Lofts is a good development, just built at a bad time. There are plenty of other developers in Chicago that would echo his sentiments about their projects, and many of them rightly so. And with fewer developers launching new projects, you will have to check out the current supply of Chicago Condo Lofts to get your exposed timber and concrete fix.

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