March 26, 2008 - Not all Chicago real estate developers are having difficulty securing financing for their projects. JFJ Development Company, probably best known for their Superior 110, has gotten a $18.9 million head start on a new Lakeview mixed-use project. The Globest reported that M&I Bank of Milwaukee and First Bank in St. Louis have provided a loan to JFJ and Dionysus Enterprises for a two phase condo and retail development on 3030 North Broadway Street.

This early financing will be a definite boost for the project. The project will have two phases, the first of which is estimated to cost about $50 million. Phase one will consist of a five story building anchored by a 45,000 square foot Dominick’s grocery, a 3,200 square foot National City Bank, and 53 condos on the upper floors.

The condos are expected to run from $650,000 to $2.2 million and have about 1,544 square feet of living space along with 400 square foot outdoor terraces. There will also be a heated underground garage with parking spaces for 111 cars, plus another 82 spaces available above Dominick’s for shoppers to park. Phase two calls for 35 more condos in a four story building that would be positioned on a an adjoining lot that would front Waterloo Court.

If all goes according to plan, ground will be broken this summer. Late 2009 is the target date for Dominick’s to launch and move-in for the 53 condos would start three to four months after that. At properties is handling sales for the units.

There seems to be more developers who are opting for a smaller number of Chicago Condos in their projects, which can help make it easier to gain financing and sell out the building.

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This entry was posted on Thursday, March 27th, 2008 at 11:56 pm and is filed under Luxury Condos(t) , News(t) . You can leave a response.