January 29, 2010 - Yesterday we told you about the large scale Chicago real estate development that Sedgewick Properties is planning for Uptown. But this new project called Lake View Station certainly isn’t the first for Sedgewick. The report in Crain’s pointed out that this developer has more than one Chicago high-rise that should be fairly well-known to buyers.

The Marquee Michigan Avenue is another of Sedgewick Properties’ condo towers. Located on 1464 South Michigan Avenue, this tower has 214 one to three bedroom condos and is FHA approved. There are still units available at this tower. Prices for the one bedroom units have been running from the low $200,000s which two bedroom condos have been listed from the mid to upper $200,000s. For a three bedroom condo at the Marquee you can expect to pay from the low to mid $400,000s and up.

The Terrazio, located on 1935 South Wabash Avenue, is a seven story building with 180 Chicago condos, including terrace level units. The one to three bedroom condos start in the $190,000s and go up to the mid $400,000s and this development is FHA approved. No closings have happened yet though at this high-rise.

Building amenities at the Terrazio include an aria rooftop lounge and solavista courtyard. The lounge features a sun deck, tranquility pool and pergolas. There is also a dig run, benches, grilling area, fitness center and business center.

Besides these Sedgewick Properties developments, you can find other great Chicago homes for sale by following the link.

Technorati Tags: Marquee Michigan Avenue, Chicago Homes For Sale, Chicago Real Estate

January 28, 2010 - In what looks to be the largest Chicago real estate project proposal of the year, Marty Paris of Sedgwick Properties announced plans for a $350 million mixed-use development on the Uptown lakefront. The new complex, currently named Lake View Station, would be the largest North Side development in decades, according to a Crain’s article this week.

If all goes according to plan, ground will be broken this year and the development will be built in three phases. Three towers, between 20 and 45 stories high, are to be located close to Montrose Harbor. There will around 850 Chicago condos and apartments, some of them senior housing, a 200 room hotel, fitness center and large grocery store. The entire project is expected to take five ears to complete, and with the housing market still not in full recovery some are skeptical about the scope of the project.

But Marty Paris was quoted in Crain’s as saying that, “It’s going to happen. But it’s not going to be easy to get done. It’s one of very few parcels left available on the lakefront in the best of the North Side neighborhoods. To us, it was a once-in-a-lifetime opportunity.”

Mr. Paris is in the process of trying to lease 100,000 square feet of retail space for a grocery and fitness center. He believes that if he can secure those leases, it will give me leverage to lock in financing for phase one, which will be a two story retail building with parking on top. Then next year he plans to move ahead with the first 20 story high-rise that will contain 150 condos. That will be located to the north east of Clarendon and Montrose Avenues and have Clarendon Park on two sides of the development.

Before Mr. Paris can do anything though he will have to get a zoning changed passed along with around a $40 to $50 million TIF subsidy from the city. Add in winning over the Clarendon Park Neighborhood Association and he has his work cut out for him. But it is certainly nice to see some news about bigger Chicago real estate developments in the works.

Technorati Tags: Lake View Station, Chicago Condos, Chicago Real Estate

January 27, 2010 - Here are the details on the other two lots of Cityscape condos to be auctioned this weekend.

The major difference in lot #3929 North Western Avenue is that the six three bedroom, two bath condos located on the top three floors of the building are currently leased. The two lower level retail spaces are not though. Again, these units have a fireplace, stackable washer and dryer, either a pair of private balconies or one balcony and one deck. The interior finishes are also high-end, as in the other groups of condos. The attached parking garage is the same as the others, with nine total spaces, three of which have lifts for more parking.

The appraised net sell-out value of this group of units is said to be $2.7 million.

Parcel #3935 North Western Avenue is again a mix of two street level retail spaces and six three bedroom, two bath condos on the upper two floors. The finishes and the attached garage are the same as the other parcel. However, units 1S, 4N and 4S are already sold. Those are two of the residential units and one of the retail units. This fact has brought the appraised net sell-out value of the remaining five units down to $1.7 million.

Technorati Tags: Cityscape Condominiums, Chicago Condos, Chicago Real Estate