January 31, 2009 – Another planned Chicago real estate project that is still in the marketing phase but hasn’t yet secured a construction loan is Solstice on the Park. The 26 story, 146 unit saw-tooth tower designed by Jeanne Gang and developed by Antheus Capital would be the first new residential tower built in Hyde Park since the 1970s, according to a profile in Crain’s. But like so many other condo projects, this development was launched before the market soured and credit became so tight.

Current plans call for construction on the angular tower to begin this spring, but that hinges on both sales and financing. Antheus principal Eli Unger told Crain’s that the project needs to be 40 to 50 percent sold before they can obtain a loan and the spring ground breaking depends upon that. But Unger didn’t disclose exactly how close or far from that goal their sales really are. But the developer doesn’t think the sun has gone down on this high-rise yet.

“It’s not an easy time to be doing this,” he was quoted in the article as saying. He remains upbeat about the future of the development and went on to say that, “There’s interest in the project and interest in Hyde Park. Hopefully, the worst is behind us.”

There are no one bedroom Chicago condos in the tower, typifying the neighborhood preference for more space in a residence. Gang’s architectural website uses words like “self-shaded” and “chiseled” to describe the 71 degree tilt of the southern facing windows. As 2009 progresses we’ll have to watch Solstice to see if it is one of the lucky few Pre Construction Condos in Chicago that make it off the ground.

[tags]Solstice on the Park, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Saturday, January 31st, 2009 at 3:20 pm and is filed under Uncategorized.