Chicago Condo Directory

Some exciting big-ticket news in the high real estate world today: Terrapin-Taxman LLC bought a 79,000 square foot site at the intersection of Madison and Halsted in Chicago. Working togeter with The Taxman Corp. from Skokie, IL., they have bought the property they plan to develop on from MB Financial Bank.

The price of the primo property hasn’t been disclosed, but they have announced that there will be $100 million in new development in both condos and retail.

The bank that owned the property had it sitting around as surplus real estate, and the new developers are excited to acquire the property. Seeing as the land is highly visible and in a great location, whatever they paid for it will likely pay off in spades. Near downtown and visible to several major thoroughfares, good planning and development will definitely lead to a wise investment on the part of the new owners.

The development group has been doing other developments in the area that have been shaping up well, leading to an interest in this property.

The plans so far are to have two separate buildings. One will feature 100,000 square feet or more of retail. The developers would like to have a “great retail corridor” under their belt to compliment their mostly-residential portfolio so far. Taxman Corp. has much more of a retail bent, and their expertise is being called upon to make sure this is a success.

The Walgreen’s across the street is already interested in moving in, as is an as-of-yet unnamed high-end grocery store. The community so far seems interested in the development.

The other building will contain up to 230 condominiums. If you like keeping track of under-development real estate, be sure to take a look at the Chicago Spire which looks to be one of the most ambitious real estate projects in history—and almost definitely the biggest in Chicago.

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Half Day Inn, a structure dated back to the mid 1800’s, closed it’s doors to end the year of 2006. Boasted by some as Lake County’s oldest sustaining architectual structure; a chunk of history goes with the 30 year run landmark, as it is to be demolished and in its stead will be a building erected on the sixty-thousand plot of land, to satisfy multiple uses.

Accompanying new retail locations will be approximately 260 new construction condominium units as well as town homes. These new upscale establishments will bring with them an increase in the standards of living, make available new jobs, and more.

But what of the Half Day Inn?

Owners have decided that though relocation was a possibility, this will be the end. A Lake County landmark and a place that many have become accustomed to, will cease to exist. Many individuals have expressed their opposition to the new building development, however the Half Day Inn has seen its time and enjoyed making Lake County a special place for Chicagoans and local residents.

The items in the bar have been said to be available for sale in 2007. Hopefully many will ensure paying a top price for a piece of history and just to contribute to what once was but will always remain a landmark to the residents of Lake County.

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Parkside of Old Town, a multifamily development with over 760 townhomes, condos and apartments, is now under construction on Chicago’s Near North Side. This $225 million venture will replace some of the Cabrini Green housing projects. The buildings that composed Cabrini Green once held 35,000 people, but only about 1,500 are left.

The redevelopment of this area–bordered by Seward Park and Larrabee, Division and Oak streets–is part of the $1.5-billion CHA “Plan for Transformation,” which has demolished high-rise public housing towers and developed mixed-income, mixed-use neighborhoods in their place.

Former residents have formed a development partnership with two companies, and Kimball Hill Urban Centers, to build Parkside. When it is finished, the project will be made up of about 20% low-income housing, 30% rental housing for current and returning Cabrini residents, and 50% market-rate housing and apartments.

Parkside will replace three of Cabrini’s high-rise buildings, but Peter Holsten, president of Holsten Real Estate Development Corp., says that it shouldn’t carry with it any of the stigma of the gang-infested former projects. A similar project managed by his company, a development called North Town Village, has been quite successful, with about the same combination of market-rate and affordable homes and few vacancies. “If it’s a strong area, people will want to live there,” Holsten says.

Construction has begun on 280 homes–townhomes starting at $499,000 and condominiums priced from the low $200s. The company has about 100 contracts for the for-sale units, and once the firm sells another 14 units, Holsten said construction can begin on the second condominium high-rise building.

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