July 24, 2008 - The West Side is going to see a boost in the number of apartment towers located there. Chicago real estate developer Keith Giles of Kargil Development and X/O fame is planning on constructing two different projects, with one scheduled to begin the first part of 2009. When both projects are completed, it will add a total of 625 new apartments to the area, according to Crain’s.

The first of the two projects also happens to be the smaller of the pair. A twelve story tower with 225 units and 12,000 square feet of retail space will go up on the corner of Blue Island Avenue and 15th Street. Kargil purchased the parcel about a year ago and even managed to get the Plan Commission to rezone the property from residential to industrial last year, so it looks as though the project has a head start already. FitzGerald Associates Architects designed the building for Kargil Development and the estimated cost of the project is roughly $70 million.

The second project is a little more up in the air with no firm plans announced yet except that it will contain around 400 apartments and be located on the southeast corner of Blue Island Avenue and 15th Street. Some speculate that the site would be ideal for student housing since it is so close to the U of I Chicago campus. Right now the main facility of Testa Produce is there, but the article states that they plan to relocate to the Stockyards Industrial Corridor sometime next year, so nothing will be done with the site before then.

As for X/O, the once mentioned May groundbreaking date has come and gone with no real activity. The name X/O was taken from the phrase extra ordinary, and with sales being rather slow you could say it’s taking an extra ordinary length of time for marketing this Chicago condo project. This could be one reason why Kargil’s next two towers are going to be Chicago Apartments.

Technorati Tags: X/O Condominiums, Chicago condo, Chicago real estate

July 23, 2008 - At least one Chicago real estate developer is optimistic about the market. We told you about Ireland-based Chieftain Group purchasing part of the Franklin Point site back in May. The sale did indeed go through, and Chieftain has announced plans to construct two 25 story high-rises on the two acre tract. The mixed-use project would have 250 Chicago condos, 200 hotel units and 200 rental apartments, according to Crain’s.

Sean O’Sullivan of the Chieftain Group says they aren’t anywhere near the marketing phase, but they are confident that the time will come sooner than many might think. “We’re using the time well to get through the planning process so when the market does turn we’re ready to break some dirt. The market will turn in 2009,” he was quoted as saying in the article.

The towers would be built at the corner of Wells and Harrison Street. Numerous other developers have attempted to launch projects at Franklin Point, but in 37 years none have succeeded. Russland Capital Group purchased the other eight acres of the parcel and plans to develop it in the future. Chieftain had Brininstool and Lynch to design the towers and the estimated construction cost is around $150 million. They will seek approval from the Department of Planning in October. One potential obstacle may be Alderman Fioretti who says he won’t support the project until he sees a finished plan for all of Franklin Point, and Russland isn’t yet ready to commit to any firm construction plans.

Lexington Park Condominiums is the Chieftain Group’s current development on Indiana Avenue. The 333 unit high-rise is over 40% sold so far.

If more developers feel that the Chicago real estate market will pick up in the next year or two, we may see more plans for Pre Construction Condos in Chicago.

Technorati Tags: Franklin Point, Chicago condo, Chicago real estate

July 22, 2008 - If you’ve been watching the Trump Tower climb and waiting for the last floor to go up, it won’t be much longer. According to the Tribune, the tower’s architectural and engineering firm, Owings and Merrill, states that all 92 floors of the Chicago condo luxury high-rise will be standing by the end of August. You can probably expect a topping out party in typical Trump fashion to commemorate the occasion. That will still leave the addition of the top spire, but that too will be completed by early next year.

You might want to keep a couple of days free this week if you’re interested in The Residences of Bradley Place 2. An open house is scheduled for July 23rd from 4pm to 6pm and on July 27th from 11am to 1pm for four single family homes in that Chicago real estate development that are being auctioned on July 31st at 7pm. The auction will take place at Maggiano’s Little Italy on North Clark Street and Rick Levin and Associates is handling the sales.

The addresses of the homes are 2505, 2509, 2533 and 2537 West Patterson Avenue. These homes have about 4,600 square feet with five bedrooms and 3.5 baths. The developer didn’t skimp on these residences. They come with a basement, three car garage, 9 foot ceilings, oak staircase, spacious kitchen plus breakfast nook, fireplace in the living room, traditional brick exterior, covered front porch and a large landscaped private lot.

The homes had originally been priced from $900,000 to $1.4 million, but the Tribune reports that the minimum bid will start at $750,000. You must have a $28,000 cashier’s check in hand to be able to bid at the auction. These residences can’t be classified as Cheap Chicago Condos, but you may still be able to get a great single family home for a reduced price.

Technorati Tags: Residences at Bradley Place 2, Chicago condo, Chicago real estate