November 16, 2007 – Rumors were floating around a couple of months ago, but confirmation finally came that Hom Chicago, which had previously been named Aristocrat Tower, has been cancelled. The tower’s first name was a musical tribute, much like Chess Lofts paid homage to the Chess recording label. The 25 story building would have contained 146 condos and included townhomes grouped around the base on the west side.

Developer William Warmen said in an article in Crain’s that he is refunding the purchase price 35 buyers paid for units in the now defunct project. Citing a slowing market, he is offering the South Prairie Avenue site for sale at $12 million but won’t rule out launching the project again in the future.

Appraisal Research Counselors reported that by mid-year developers had either dropped or delayed projects totaling some 485 condos. With empty condos that haven’t sold increasing more than 50% in the past two years plus a 17% increase in rent it has hastened the cancellation or restructuring of several projects.

D2 Realty Services switched gears and changed a 600 unit South Loop condo development to a 600 unit rental apartment complex. Lennar, who holds the number two spot in the U.S. home building category, recently sold the site they had planned to develop into a 1,000 condo complex. AvalonBay Communities from Virginia bought the parcel and plans to break ground in 2008 and put up three apartment buildings with close to 1,000 units. And Fifield, developer of K Station, plans to add two more apartment towers to that rental complex in the West Loop.

It looks like there may be a construction boom of Chicago Apartments over the next couple of years.

[tags]Aristocrat Tower, Chicago Illinois, Chicago Condos for Sale[/tags]

This entry was posted on Saturday, November 17th, 2007 at 6:06 am and is filed under Mortgage Information.