June 27, 2008 - The The Catalyst has gotten a major boost in the form of an almost $8.4 million construction loan from Kennedy Funding Incorporated based in NJ. Urban R2 is the developer of the 123 North Des Plaines Street high-rise and Lucien Lagrange designed the tower. The total cost for the building is estimated to be $100 million.

The 22 story, 217 unit Catalyst is about one third sold. The building will also have parking for 225 cars and about 15,000 square feet of retail on the ground level, including a Walgreen’s. A spokesperson from Kennedy Funding was quoted in the GlobeSt.com as saying the prices for the studio to three bedroom Chicago condos in this project run from the $200,000s to over $1 million.

The top floor of the Catalyst will contain an assortment of amenities for residents. A patio and party room, fitness room with Jacuzzi, sauna and massage rooms plus a meeting room will be located there. The Catalyst is also pet-friendly and will have an in door dog run.

As a side note to yesterday’s post about Lincoln Park 2520, Crain’s reports that American Invsco has been replaced by Rubloff Residential Properties as the marketing firm for this Chicago real estate development. Invsco was the original developer for 2520, but later sold the site to RMI Development. It is possible that the recent press American Invsco has received about a high amount of foreclosures in their projects may have contributed to RMI’s decision to replace them. RMI is also lowering the number of townhomes in the project to just 7.

If you don’t want to wait for those to be completed, there is a good selection of Townhouses in Chicago available right now.

Technorati Tags: The Catalyst, Chicago Condos, Chicago Real Estate

June 26, 2008 - In a prime example of the current trend of new home buyers craving bigger spaces, there is still no final number of units set in stone for Lincoln Park 2520. The original number planned was 314 Chicago condos and 13 townhomes. But with buyers having the option to combine units, in the end there may be more like 250 total condos in the development.

Ground hasn’t been broken yet on this Chicago real estate project, but sales have slowly inched past the 50% mark so construction may be gearing up soon on the 2520 North Lakeview Avenue site. RMI Development expects deliveries on the first units to occur by late 2010. Lucien Lagrange designed the project and the one to three bedroom condos are fairly pricey. There are still a few 900 square foot one bedroom units available from the $550,000s while the two bedrooms run anywhere from the mid $700,000s to $1.7 million. Penthouse units, with 9,000 square feet or more, are priced up to $13 million and above. With buyers combining condos though, the square footage of the residences may skyrocket along with the price.

Another project with a much more dramatic reduction of units is officially moving forward. JDL Development abandoned plans to construct a 28 story high-rise on 451 West Cornelia a few months ago due to market concerns and also construction site issues. They are however going ahead with new plans to build four single family homes on the site and will market them for roughly $3.2 to $3.6 million each.

Even with the overall market slump, there is still a demand for Chicago Luxury Condos and some developers are catering to that.

Technorati Tags: Lincoln Park 2520, Chicago Condos, Chicago Real Estate

June 25, 2008 - The debate between Chicago real estate developer Steven Schultz and Wrigley Field neighborhood residents over two proposed mixed-use towers has gone into extra innings. Local residents, Alderman Tom Tunney and business owners have been voicing concern and opposition against the project since January and unless something significant changes, this proposal may not fly.

Schultz’s plan is to utilize the south side of Addison Street and construct two towers that would be about 105 feet tall. Currently, there are a number of parking lots and businesses located on the proposed site. The height of the two mid-rises is the main concern to most opponents because they would reach up nearly as high as the ballpark’s roof, detracting from the overall look and feel of the area. In a recent Sun Times article, alderman Tunney said he was concerned that if Schultz is allowed to build at this height, future developers will use this project to pave the way for even taller high-rises.

The proposed towers would contain 105 apartments and a 137 unit hotel which would most likely be a Hyatt. Schultz reasons that the added revenue from the hotel and also the modern buildings would benefit the neighborhood. But long-time residents believe that the added traffic from the hotel guests and apartment residents, especially on game days, will be a serious problem. Local shop owners are also not pleased about potentially being put out of business.

So for now it looks as though the Wrigley Field neighborhood will remain the same. Without the support of the alderman and residents, it’s doubtful that Schultz can win city approval. That could change if the developer scales down the project, but nothing of that nature has been offered as yet.

If you’re shopping for a new home this summer, you can search other great Chicago Neighborhoods for condos and apartments.

Technorati Tags: Wrigley Field, Chicago Condos, Chicago Real Estate