Category Archivepre-construction condos in chicago

chicago-condos & Chicago Real Estate & Chicago Homes & Chicago Property & downtown chicago condos & pre-construction condos in chicago & Condominium Chicago & condos for sale in chicago Administrator on 07 Dec 2006

Parkside of Old Town Will Replace Cabrini Green

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.

Chicago real estate, Chicago condos, Chicago homes, Chicago townhomes, Old Town, Near North Side

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pre-construction condos in chicago Administrator on 14 Nov 2006

Major Condo/Loft Developments on the Rise

“A Chicago developer is set to kick off an approximately $900 million mixed-use project in the South Loop that should accelerate residential development and introduce a new type of retailing to an area where freight railroads and industry once thrived.

On Nov. 16, Centrum Properties Inc. will begin marketing the first phase of the project, called the Roosevelt Collection, which, when finished, will comprise as many as 1,000 condominiums, parking for 1,700 cars, a 2.5-acre park and about 400,000 square feet of retail space.

One industry observer says the development is a “big risk,” but Centrum says the project will create a new 12-acre neighborhood of housing and small-shop retailing that will help tie together this submarket on the southern edge of downtown.

‘We’re going to build a town center for the South Loop,’ said Solomon Barket, a partner in Centrum. ‘The retail will be a lifestyle center that caters to families.’

The condominiums will be priced from $290,000 to $600,000, and Barket expects the project to draw buyers mostly from other city locations. Shoppers likely will come from Centrum residences downtown and from the suburbs to the west and south.

Early in 2007, the three-year construction project will start on three levels of above-ground parking, topped by an 800-foot-long, 200-foot wide promenade. Some informal dining will run through the walkway’s center.

Along the sides will sit two stories of retail filled with about 45 shops selling clothing, accessories and home goods, as well as restaurants and a 16-screen multiplex cinema featuring lounges with waiter service. Rising six stories above the shops will be 360 loft-style condominiums.

On the northern edge of this cluster of homes and shopping will be a 40-story condominium high-rise on a circular piazza that leads to the 2.5-acre park. Farther north will be a 45-story condominium high-rise.”

—Chicago Tribune, by Susan Diesenhouse

It’s amazing the developments coming to Chicago in the next 2-3 years. It brings about the question…”Will the real estate market truly be this lucrative with the influx of new construction condos and loft developments?”

New construction condos are on the rise in Chicago, IL and around the nation, however, many locations have yet to add these luxurious additions to their brimming real estate market.  For instance, L.A. has not seen the condo hotel advancements that are rich and progressive in Chicago.  Why?  Well Chicago is a great place to live, it’s economic, rich in culture and diversity and the prospective home owners and vacation home buyers love the market.  Real estate developers are making a huge move with these new conversions and new construction high rises and with good reason.

The population of Chicago has increased yearly by at least 2% or greater.  That means that as time endures the real estate market is bound to prevail, as there will always be potential home buyers.

What this means for home buyers that are currently on the market is that when new developments like Centrum Properties evolve they should take advantage while they are still able to lock in low interest rates and get great kick backs from purchasing during the pre-construction phase.

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pre-construction condos in chicago Administrator on 08 Nov 2006

70 New Condos to hit West Ridge

The neighborhood of West Ridge is soon to be home to 70 new condos being developed.

“A mixed-use building with 70 condos is slated for the former Nortown Theatre site in the West Ridge neighborhood…” is how an article written by Jeanette Almada printed in the Chicago Tribune begins.

” Through a development entity called 6324-6348 N. Western LLC, Chicago developer Amrit J. Patel will build the six-story Nortown Lofts,” states Almada.

The site where these condos are to be erected, Nortown Theatre, is owned by Patel. The developer also owns a 1 story retail building and plans to reconstruct both into “Nortown Lofts”. He hopes to make available to the public a facility offering 1,2, and 3 bedroom units with indoor parking (single-level). The ground level will be dedicated to retail development, and a small movie theatre with seating for a little over 300 and only 2 screens.

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