May 17, 2010 - There has been little to no confirmed news about the Chieftain Group’s Chicago real estate project Lexington Park on 2138 South Indiana. All we know for sure is that there are a lot of questions and speculation about the development and that no buyers have yet closed on any of the 297 Chicago condos in the 35 story tower under construction. The seven story condo loft building has 36 units and the residences range in size from about 656 to 1,346 square feet and had been marketed for between $223,900 to $521,900.
Construction was financed by by Corus Bank, which was taken over by Starwood Capital with the FDIC’s approval. Since Lexington Park, like so many other Chicago real estate developments, had struggled a bit with sales it may be that Starwood will eventually take control of the development and offer the unsold units at a discount or turn the project into a rental development.
Whether the powers that be at Lexington Park do go ahead and honor the sales contracts and start closing or announce refunds and convert to rental, we should be hearing something soon. Buyers who signed contracts and put money down will be the first to know, but we’ll update you as soon as we have any information.
Anyone who was interested in Lexington Park’s lofts may want to check out the other Chicago lofts for sale in the meantime.