For more than two years now Chicago real estate developers have had difficulty convincing lenders to bankroll construction loans on condo projects. But the developers of Lincoln Park 2520 managed to overcome that hurdle in the second half of 2010 with a $170 million loan from Sumitomo Mitsui Banking Corporation of Japan. In fact, that amount qualified as the largest loan amount for a Chicago condo development since 2008.
Developer Ricker-Murphy and partner GE Asset Management made the decision to downsize plans for Lincoln Park 2520 back in 2009. The North Lakeview Avenue project originally consisted of three towers, with the tallest being a 41 story high-rise. In 2009 it was scaled down to 33 stories but after securing the new loan they brought the height back up to 39 stories. The other two towers will have 30 and 21 floors. The number of Chicago condos in the adjoining towers has also gone up and down, from 292 to 198 and now back up to 229 units.
Pre-sales started in 2006 for these condos and as of late last year (2010) around 30% of the units had been sold. Quite a few early contracts were lost because of construction delays. But now a first delivery date is scheduled for early next year (2012).
Lincoln Park 2520 was designed by architect Lucien Lagrange. Condo floor plans range from one to four bedrooms ad measure out at around 899 to 4,703 square feet in size. Prices have been running anywhere from the upper $700,000s to around $5.7 million. The penthouse units at Lincoln Park 2520 are spacious with 3,500 to 8,300 square feet and are listed anywhere from about $4 million to $11 million.
Finishes in these luxury Chicago condos include 9 foot high ceilings, floor-toceiling windows, hardwood flooring, bedroom carpeting and a full-size washer and dryer is installed in each unit. The kitchens feature Miele, Sub-Zero and Wolf stainless steel appliances, granite counter tops, Poggenpohl cabinets and custom lighting under the cabinets. Baths come with natural stone floor tile and shower surrounds plus large whirlpool tubs.
Building amenities for residents of Lincoln Park 2520 include a 24 hour doorman, fitness center, spa, indoor swimming pool, private park, dog run, rooftop garden and sun deck, media room, party room, concierge service and the garage will have hybrid car plug-ins available.
With construction in progress, Lincoln Park 2520 is well on it's way to completion next year. For the latest information and updates about pricing and unit availability at this development, please contact us and we'll be glad to keep you informed.
Prudential Rubloff is the exclusive broker of record for the development.