September 29, 2007 - We’ll highlight 235 Van Buren to close out the week. CMK Development Corporation announced plans for this tower back in January. As with most high-rise development projects, the real challenge after getting the go ahead from the Plan Commission will be to sell the required amount of condos to qualify for construction financing.

The developer held a kick off sales event on September 7th. There have since been unconfirmed sales figures floating around that vary widely from 50 to 70 percent and there must be some truth to at least the lower of those numbers because demolition work and some site ground prep work has occurred. CMK is marketing most of the units towards buyers who are looking for a condo in the price range of under $350,000, with some as low as $170,000.

The forty-eight story tower is slated to contain around 714 individual condo units. Interestingly, there are only 570 deeded parking places planned. The delivery date for the condos would be sometime in the first quarter of 2009. Architectural firm Perkins & Will are the designers of 235 Van Buren and this project is the biggest they’ve tackled thus far.

If you’re not quite sure a new condo is an investment you want to make right now, there are plenty of Chicago Apartments available for rent.

Technorati Tags: 235 Van Buren, Chicago Illinois, Chicago Condos for Sale

September 28, 2007 - They say imitation is the highest form of flattery, so the Chicago Spire should be duly complimented by a newly proposed hotel and condo tower that if built could pass for family. It was probably only a matter of time before other developers decided to rework the Spire idea and scale their versions to suite their market niche, which should make for some interesting projects in the future.

This particular building in the works is a product of developer Christopher Carley of the Fordham Company and also developer Michael Reschke. Interestingly, Carley once owned the land on which the Spire is now in progress. This proposed Streeterville building would be a one hundred story tower with roughly half hotel and half condo units, not unlike the Spire. It would also sit just two or so blocks from the Spire and have a tapered top that rises to a knife edge of sorts, similar to the Spire’s look.

The Waldorf-Astoria group has already verbally signed on to manage the hotel portion of the tower. The units would be more affordable than those of the Spire, with pricing starting at close to $800.00 per square foot. That’s certainly not cheap, just less than some of the other luxury condos in the neighborhood.

The proposed Waldorf-Astoria tower has a long way to go yet before it makes it from paper to pilings. If everything gets approved and sales are good, construction could start in 2009 and wrap up three years later. It will be interesting to track the progress of this potential Chicago Condo in Streeterville.

Technorati Tags: Waldorf-Astoria, Chicago Illinois, Chicago Condos for Sale

September 27, 2007 - Another new condo is in the works for Lake Shore Drive, despite the slowing market. The tower is slated to be built on 515 N. Peshtigo Court, hence the moniker The Peshtigo. Related Midwest is the developer for this project and Ralph Johnson is the architect.

When completed, The Peshtigo will stand as a fifty-seven story building with a total of 358 individual condos. The developer describes the units as ranging from 882 to 3,793 square feet of living space with prices starting at $480,000 all the way up to over $2.7 million dollars each.

The design of the tower is described by the architect as being angular and unique. The idea was to create a building that was original enough to attract potential buyers even when sales of new condos are in a slump. From the renderings released by the developer, The Peshtigo definitely is angular with a bit of a fold, for lack of a better term, slightly off center.

This is another development we’ll be watching over the next few months to see how sales progress. Lake Shore Drive is certainly one Chicago Neighborhood that seems to be experiencing growth despite the market trends.

Technorati Tags: The Peshtigo, Chicago Illinois, Chicago Condos for Sale