chicago-condos & Chicago Real Estate pcherry on 26 Dec 2009 11:37 pm

Aqua Construction Wrapping Up

December 26, 2009 - The latest update from Chicago real estate developer Magellan is that Aqua has been certified for occupancy through floor 71. They also plan on having residents be able to move in through the 75th floor by late in the second week of January. And even the dry wall is up through the 81st floor, which is all the way to the top of the high-rise. The developer also stated that all construction will be completed on the Lake Shore East tower in a matter of a few months.

The update also confirmed that buyers of condos through the 70th floor would be receiving closing notices now, so it will be interesting to see in the coming weeks if any of those contracts will fall though due to the Fannie Mae issue of too much commercial versus residential space in the tower. But Magellan lined up both Harris Bank and MB Financial who are willing to work with buyers to provide 90% or more financing for the condos.

At last count, there were still less than twelve condos left for sale at Aqua and about 313 of the 474 apartments already leased and occupied. Those apartments may face some more competition next year with new apartment towers that are going up right now as well as the over supply of Chicago lofts for sale and condos for rent.

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