3033 Sheridan Road
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As Of February 3, 2012

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North Community Bank has taken over two stalled condo conversion projects and the remaining 130 units at the highrises at 2930 and 3033 N. Sheridan Road, The plans are to sell the unsold units in bulk.

The average cost per unit would be just over $138,000, about 21% less than the $175,000 per unit that developer Robert Kroupa paid a while back pre-condo bust.

Now, North Community’s challenge is sourcing an investor with enough financial resource to update some of the units plus the know how to navigate through the conflicts apt to surface when between owners and renters living under the same roof.

About 40 of the 63 unsold units at 3033 N. Sheridan are rented.

Word has it that one bidder has already stepped forward: developer Warren Baker, president of Chicago-based Baker Development Corp., whose developments include the 19-story condo project at 2120 N. Lincoln Park West in Lincoln Park.


A two-bedroom, one bathroom unit

The floor plan for a two bedroom, 2-bath condominium at 3033 N. Sheridan

A photo of the entrance to the building