July 23, 2008 - At least one Chicago real estate developer is optimistic about the market. We told you about Ireland-based Chieftain Group purchasing part of the Franklin Point site back in May. The sale did indeed go through, and Chieftain has announced plans to construct two 25 story high-rises on the two acre tract. The mixed-use project would have 250 Chicago condos, 200 hotel units and 200 rental apartments, according to Crain’s.

Sean O’Sullivan of the Chieftain Group says they aren’t anywhere near the marketing phase, but they are confident that the time will come sooner than many might think. “We’re using the time well to get through the planning process so when the market does turn we’re ready to break some dirt. The market will turn in 2009,” he was quoted as saying in the article.

The towers would be built at the corner of Wells and Harrison Street. Numerous other developers have attempted to launch projects at Franklin Point, but in 37 years none have succeeded. Russland Capital Group purchased the other eight acres of the parcel and plans to develop it in the future. Chieftain had Brininstool and Lynch to design the towers and the estimated construction cost is around $150 million. They will seek approval from the Department of Planning in October. One potential obstacle may be Alderman Fioretti who says he won’t support the project until he sees a finished plan for all of Franklin Point, and Russland isn’t yet ready to commit to any firm construction plans.

Lexington Park Condominiums is the Chieftain Group’s current development on Indiana Avenue. The 333 unit high-rise is over 40% sold so far.

If more developers feel that the Chicago real estate market will pick up in the next year or two, we may see more plans for Pre Construction Condos in Chicago.

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This entry was posted on Wednesday, July 23rd, 2008 at 12:34 pm and is filed under Luxury Condos(t) , News(t) . You can leave a response.