March 11, 2008 - A new project from Related Midwest and The Chicago Metropolitan Housing Development Corporation was approved by the Plan Commission and will be going up on 1413 - 1427 N Clybourn Avenue and 1414 - 1426 N Larrabee Street. The nine story low-rise building will contain 80 condos, nine of which will be affordable housing units and eight will be sold to the Housing Authority and put up for lease to qualified individuals.

According to an article in Sunday’s Chicago Tribune, the condos will have one to three bedrooms and range in size from 711 to 1,782 square feet. The market-rate condos will run from $220,000 to $616,000 each. The affordable condos will be a mix of one and two bedroom layouts and cost from $120,000 to $192,000. Parking won’t be included in the prices and will have to be purchased separately.

The neighborhood already has one well-known high-rise, which is Smithfield’s SoNo. There are also a number of other developments, both residential and retail, on tap for empty Chicago real estate lots close by. This can be a definite boost to the area and attract more buyers. Incorporating affordable units along with market-rate condos is one way to insure sales and also sometimes speed up the approval process from the Planning Commission. A growing number of developers are working on mixed income projects lately. A little diversification in the mix of Chicago New Construction Condos can’t be a bad thing.

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This entry was posted on Wednesday, March 12th, 2008 at 11:10 am and is filed under Luxury Condos(t) , News(t) . You can leave a response.