January 31, 2009 - Another planned Chicago real estate project that is still in the marketing phase but hasn’t yet secured a construction loan is Solstice on the Park. The 26 story, 146 unit saw-tooth tower designed by Jeanne Gang and developed by Antheus Capital would be the first new residential tower built in Hyde Park since the 1970s, according to a profile in Crain’s. But like so many other condo projects, this development was launched before the market soured and credit became so tight.

Current plans call for construction on the angular tower to begin this spring, but that hinges on both sales and financing. Antheus principal Eli Unger told Crain’s that the project needs to be 40 to 50 percent sold before they can obtain a loan and the spring ground breaking depends upon that. But Unger didn’t disclose exactly how close or far from that goal their sales really are. But the developer doesn’t think the sun has gone down on this high-rise yet.

“It’s not an easy time to be doing this,” he was quoted in the article as saying. He remains upbeat about the future of the development and went on to say that, “There’s interest in the project and interest in Hyde Park. Hopefully, the worst is behind us.”

There are no one bedroom Chicago condos in the tower, typifying the neighborhood preference for more space in a residence. Gang’s architectural website uses words like “self-shaded” and “chiseled” to describe the 71 degree tilt of the southern facing windows. As 2009 progresses we’ll have to watch Solstice to see if it is one of the lucky few Pre Construction Condos in Chicago that make it off the ground.

Technorati Tags: Solstice on the Park, Chicago Condos, Chicago Real Estate

January 30, 2009 - It looks as though the condo loft conversion project on 123 N Sangamon is the latest victim of overdue loans and contractor liens. This former seven story brick warehouse was being converted into100 units, the first 45 of which were nearly completed, by Chicago real estate developer David Wallach. The developer claims that 30 of the initial 45 condos had been under contract at one point, but buyers began to back out when the housing market began to falter. Now, according to Crain’s, the developer is courting a deal with NYLO Hotels from Atlanta to switch the project to a two building 179 room hotel.

Wallach’s West Loop condo project is under the weight of an overdue loan of more than $11 million from Midwest Bank and Trust in 2006, and they later extended the payback date to January 2008. The project also has more than six contractor liens filed against it. Wallach stated in the article that he thought the bank might be willing to finance the hotel project.

The hotel complex would have 41 suites in the 123 N Sangamon location plus the additional new structure that would be situated south of the warehouse conversion at Sangamon and Washington. Features would include a restaurant located on the roof and an upscale bar.

Wallach is also perusing another hotel deal on 333 South Halsted Street in Greektown where he had planned on building Chicago condos on top of the Hellenic Museum. The hotel chain being sought for that development is Dolce International.

Although there is one less project on the horizon, you can still find some nice Chicago Lofts for sale if you check out the development pages.

Technorati Tags: 123 N Sangamon, Chicago Condos, Chicago Real Estate

January 29, 2009 - Anyone who has been following the progress of 1600 Museum Park knows that first deliveries on the Chicago condos there started last month and according to data released by the developer, Enterprise Companies, about five dozen units have closed to date. But there are still plenty of condos available for sale at this luxury Chicago real estate project, and around 129 are listed currently.

Interior construction work on the top floors of the 30 story 1600 Museum Park tower are set to wrap up in early April. As with most high-rises, the building amenities are usually located on the upper floor, so this means that residents will be able to have full use of the tower’s fitness center, party room and even roof sun deck, if the weather is warm enough to go outside by then.

Of the 274 units at 1600 Museum Park, there is a pretty good assortment of floor plans still for sale. There are one bedroom, one bath condos that run about 900 square feet and are priced between the high $200,000s and low $400,000s. Of the two bedroom, two bath condos the square footage runs from about 1,200 to almost 1,400 and those are priced from the mid $300,000s to low $600,000s. The largest three bedroom, two bath condos size up at around 1,567 to 1,580 square feet and run from the low $600,000s to low $700,000. List prices don’t include parking, which will add another $35,000 to the price tag.

You can check out the furnished models at 1600 Museum Park any Saturday or Sunday since they are hosting an open house on weekends. We aren’t aware of any advertised incentives at this development right now, but not all All Condos for Sale in Chicago are dangling free parking with every unit purchase so don’t let that stop you from taking a look if you are interested.

Technorati Tags: 1600 Museum Park, Chicago Condos, Chicago Real Estate