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Parkside of Old Town

Chicago’s Old Town continues to grow as new developments attract residents and businesses to the area.

One of the newest developments to come on the market, Parkside of Old Town, is located on West Division Street in the Near North Side.

The large development will sit on 18 acres of land. A total of 790 units will be available upon completion.

Parkside of Old Town will offer 50 percent of the units for affordable housing. The development replaced three former Chicago Housing Authority high rises and will offer these units to long time residents of the area.

Buyers will be able to choose from condominiums and townhomes. There are four different floor plans for townhomes, ranging from two bedroom units to three bedroom units.

Two bedroom units offer 1,606 square feet to 1,753 square feet of living space. The largest three bedroom units are 2,248 square feet.

Condominiums will be built in two separate buildings, the Hudson and the Cambridge. The Hudson is a nine-story building offering one- and two-bedroom condominiums ranging from under 1,000 square feet to as much as over 1,200 square feet.

Only one floor plan for a one-bedroom condo is still available in the Hudson.

The Cambridge also has one- and two-bedroom condominiums, with floor plans ranging from 844 square feet to 1,272 square feet.

Both buildings come with several amenities such as underground parking, a business lounge, and modern fitness center.

Each unit comes with the standard array of amenities such as stainless steel appliances, hardwood floors, and granite countertops.

Parkside of Old Town benefits from an unbeatable location close to many of the most important Chicago landmarks, restaurants, and the downtown Chicago business district.

Commuters will love the easy connection to downtown Chicago via the CTA El train and buses.

The neighborhood is home to several restaurants that are among the best in the city. Kiki’s Bistro and MK restaurant are just a few blocks from Parkside of Old Town. Wells Avenue is the main drag for restaurants and shopping, and is just a few minutes walk from home.

There are also several great shopping opportunities close by. The Magnificent Mile is just a few blocks from Parkside of Old Town. The famous stretch of Michigan Avenue offers designers from around the world and famous brand names.

Buyers looking for a new condominium on the Near North Side should keep in mind current real estate market conditions.

The Near North Side has been the most active market for condominiums in all of Chicago, but is currently going through a rocky period.

According to the Chicago Association of Realtors, the number of condos sold during the second quarter declined 5 percent, the third straight year that sales are down in the neighborhood.

Demand has been affected by a worsening mortgage market. Many banks and lenders are tightening requirements for loans, leaving many people out of the market.

Condo owners and developers are also waiting longer to find a buyer for their condo. The average turnover time is now at 124 days, a 23 percent increase over last year.

Prices continue to rise in the neighborhood, but the area could soon start seeing better deals as sellers compete to attract buyers.