chicago-condos & Chicago Real Estate pcherry on 31 Oct 2009 04:27 pm

Mondial Moving Towards Rental Decision

October 31, 2009 - Rental fever seems to be spreading as Jack Berger, the Chicago real estate developer behind the Mondial, also has announced that he may switch that tower’s condos to apartments. Me. Berger recently stated in a Crain’s article that just 50 of the 15 story building’s 141 condos are under contract and he just made the move of canceling those contracts with buyers.

Mr. Berger says he will know by the end of December whether or not he will rent the units. He told Crain’s that he believes there will be a high walk-away rate on what sales contracts he does have, and is already in negotiations with Wells Fargo Bank on the $42 million construction loan that matures around mid 2010.

The Mondial sits on 900 West Huron Street in River West. With 676 to 3,100 square feet of living space, the condos have one to three bedrooms. Finishes include the usual hardwood floors, stainless steel appliances, granite counter tops and marble tile plus oversized tubs in the baths. Building amenities are scaled back a bit, with a 24 hour doorman, indoor garage parking and green roof top deck for residents. The condos have been listed between the $230,000s and $950,000s.

Even with so few new developments, there is still a surplus of Condos In Chicago, many of which have reduced prices. So be sure to check back here for all the latest news about deals and incentives.

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