Chicago Condo Directory

May 7, 2009 - For those you of who have ever been interested in living in Winnetka, the first ever planned development has gotten a green light from the village council to proceed. New Trier Partners intends to break ground in about a year on a $50 million project located at the former Fell Company store on the corner of Elm and Lincoln, according to a write up in the Sun Times. This will be a four story, mixed-use suburban Chicago real estate project, with 31 condos and 35,300 square feet of retail space.

The one acre site already has three structures on it with existing businesses. According to an article in GlobeSt., those buildings will be torn down to make way for the new low-rise. The current retail will be offered space in the new building once it is complete. Robert Goldstein of New Trier was quoted in GlobeSt. as saying that, “We’re the first developer to acquire this amount of land, and since this was the first-ever planned development, the process was an arduous one.” The development will also be Winnetka’s first LEED project, and the developer has pledged to make improvements to the surrounding neighborhood and install more streetlights.

The location is prime for retail, being in the North Shore and with local retail occupancy running around 90%, according to Goldstein. Lease rates haven’t been decided yet, but the pricing for the 31 one to two bedroom condos will run from the $800,000s to $1.8 million. A 76 car underground parking garage is already on site and will be part of the new development. With no other new residential competition, these condos may buck the economy and housing market and sell well.

We’ll keep you posted when more details about this development are released, and you can find more information about suburban and downtown Pre-Construction Chicago Condos by following the link.

Technorati Tags: Winnetka, Pre-Construction Chicago Condos, Chicago Real Estate