Mod Development Becomes Rental Tower
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March 16, 2009 – It looks as though Mod is no longer a new Chicago condo tower, but a rental tower. The 56 unit, West Loop tower on 1222 West Madison Street is being advertised by Chicago Graystone Realty as, “Brand new, never lived in, high-end apartments for rent. These brand new condominiums were constructed for sale, but have gone rental instead. No cost was spared: high end finishes, balconies and terraces, 10′ ceilings, floor to ceiling windows.”
The units at Mod vary from one to two bedrooms and baths, plus some of the two bedroom layouts also come with a den. The units size up anywhere from about 860 to 1,470 square feet, and were being marketed for the upper $200,000s to upper $400,000s with $35,000 extra for parking. The new rental rates for the one bedrooms run from $1,575 to $1,775 per month and the two bedroom units are listed at $1,890 to $2,600 per month. Leases are for one year and the ads for this Chicago real estate development state that the apartments will be available by May 1st of this year.
The Mod apartments come with an in-unit washer and dryer, stainless steel appliances, quartz counter tops, teak cabinets, floor-to-ceiling windows, 10′ ceilings and balconies or terraces. Heat is included in the rent and dogs and cats are welcome, pending a weight limitation, and without having to pay a pet security deposit. Parking is extra though, but the building does have bike storage, a fitness center and green roof.
No word yet on the 36 unit second phase of Mod that was to break ground later this year. At last count Mod had been between 45% and 50% sold. Those buyers are slated for a return on their deposits. It doesn’t happen often, and Burnham Point is the only other high-profile development of late besides Mod to switch mid-stream from condos to rentals. Generally buyers who sign contracts for Pre Construction Condos in Chicago get what they expect and not a surprise rental building.
[tags]Mod, Chicago Condos, Chicago Real Estate[/tags]
