October 30, 2009 - There has been quite a bit of speculation about whether or not Trio may switch from for-sale condos to rental apartments. That speculation gained some credence recently when RDM Development said in a Crain’s article that they were indeed considering that option for this Chicago real estate project.
The two mid-rise buildings of the Trio complex have 109 condos between them and around 82 of those are currently sold, according to the article. The final phase of the project, a 22 story high-rise, won’t be ready for residents until February 2010 at the earliest. Only 30 of the 100 condos in that tower are under contract. Add in the fact that Bank of America holds a $30 million construction loan on Trio that will come due about this time next year and RDM has a tough decision to make.
RDM Development president Robert Moskey told Crain’s that he will decide Trio’s fate in the next 180 days. That time frame would probably allow him to cancel purchase agreements and start marketing the high-rise as a rental tower before it’s completed and ready for move-in. Mr. Moskey also stated that if the condo market doesn’t improve he will most likely convert to rental.
The condos at Trio, located on 650 West Wayman Street, range from one to three bedrooms and one to three baths. Pricing runs anywhere from about the $220,000s to $370,000s and it is FHA approved. Hardwood flooring, bedroom carpets, European kitchens with granite counter tops and stainless steel appliances are standard. The condos also come with stone tile in the baths, glass mosaic tiles and a terrace. Trio has a 24 hour doorman, fitness center central landscaped courtyard and roof top garden space.
The sluggish housing market is still causing more developers to switch to rental projects, but you can still find plenty New Chicago Condos for sale.