October 27, 2007 - The slow burn between Alderman Robert Fioretti and X/O Condos developer Kargil is heating up. This past Thursday Kargil Development filed a law suit against the Alderman, claiming that Fioretti’s attempts to reverse a previously passed zoning ordinance was damaging the development.

In July Fioretti proposed changing the height allowance for South Prairie Avenue, which had been given a green light by the City Council prior to the Alderman’s intervention. This would set the height limit at 225 feet, below the two tower’s 450 and 310 foot spans. That cut would shave 100 condo units off the original 490 unit total.

The lawsuit not only seeks to stop any zoning reversal, it also asks that Fioretti not be permitted to push back the City Council vote. The Council had been set to vote by the end of October, but some speculate that Fioretti realized there wasn’t enough support for the measure and was delaying.

Case precedence usually favors developers when they can show that a post approval change would have a negative impact on the project. With X/O, the developer has stated that uncertainties caused by the potential zoning reversal have caused sales to stagnate. A sum of $28 million has been tied up in the development while sales have stalled at roughly 200 condos since the zoning controversy began in July.

X/O, with its luxurious Spa X/O located between the two towers, has had mixed reaction from local residents. A majority seem to favor the development but some don’t, stating the modern buildings will be out of place with the traditional neighborhood.

While the future of X/O is being debated you can check out some less controversial Gold Coast Chicago Condos.

Technorati Tags: X/O, Chicago Illinois Chicago Condos for Sale

October 26, 2007 - Winthrop Properties is about to close the book on Printers Corner. The South Loop condominium, situated on 170 West Polk Street, is wrapping up the final phase of interior work and buyers of units up to floor eleven are scheduled for move in next month and the rest of the condos will be ready for delivery in December. This project has come in pretty close to the developer’s initial estimate for completion. September had been the target date, so November wasn’t too long of a wait.

The most distinct feature of Printers Corner is that all of the condos are corner units. The base of the building is a six story brick nod to the historic architecture of the neighborhood. Above that, the next eleven stories form a modern glass and concrete design that houses only eight condos per floor, all with corner placement.

The price tag for the one bedroom condos runs anywhere from $280,000 to the mid $300,000. For the two bedroom units you can expect to pay from the upper $300,000 mark on up to over $480,000. Parking comes at an additional cost of $36,000. The condos have sold well but there are around twenty units still available at this time.

If the brick façade of this building makes you nostalgic for Chicago Condo Lofts, there are plenty of new construction and renovated developments out there.

Technorati Tags: Printers Corner, Chicago Illinois, Chicago Condos for Sale

October 25, 2007 - Not a lot of press has gone out about this one, but developer John Buck is building a thirty-four story mixed-used tower at 505 North State Street in River North. The building was designed by Guajardo REC Architects LLC and is being called Hotel Palomar.

Case Foundation Company construction cranes are already on site and drilling for caissons in progress. The high-rise is slated for completion in 2009 and will have 121 condos, 259 hotel suites and what is being called a “signature restaurant” in conjunction with the hotel. Kimpton Hotels and Restaurants, which is based in San Francisco, will operate the hotel portion. The Hotel Burnham is one of Kimpton’s developments, and there are currently three other Hotel Palomar locations. The first opened in San Francisco, followed by Washington and Dallas.

Over the summer a River North community survey about the project generally showed positive support for the development, though some voiced disappointment about the loss of the public park on which the building would stand.

Currently there aren’t a lot of details being put out about the Chicago building, but the Palomar in San Francisco has both Delux and Luxury Suites that contain a parlor, dining room, Fuji soaker tubs and spa options. Other amenities there include complete concierge service, 24 hour room service, Wi-Fi access in all areas, valet and laundry service. The hotel is fully accessible for those with disabilities and they also welcome pets. The Chicago Palomar will likely follow in the same vein as this one.

We’ll keep you posted about this development as more details become available in case you decide to Sell your Chicago Condo and invest in the Palomar.

Technorati Tags: Hotel Palomar, Chicago Illinois, Chicago Condos for Sale