The Grand Terrace

• Pricing: From $108,000 – $239,000
• Capacity: 4 stories, 41 1-2 bedroom condos
• Location: 405 E. Oakwood in Bronzeville
• Developer: Carana Properties
• Status: Under Construction

The site of the former Ritz Hotel will soon be converted into luxury condominiums. The Grand Terrace will offer a total of 41 condominiums at the corner of South King Drive and East Oakwood Blvd in the heart of Bronzeville.

The project is valued at $5.5 million, and promises to bring further gentrification to this historic part of Chicago.

Buyers can choose from one- and two-bedroom condominiums. A total of 25 one-bedroom units and 16 two-bedroom units are available at the Grand Terrace.

Preconstruction prices for the one-bedroom condominiums start at $124,000, making the Grand Terrace an excellent option for first time buyers looking to get in the real estate market in Chicago.

Two-bedroom condominiums start at $174,000 and range up to as high as $229,000 for a unit facing Oakwood Blvd.

One-bedroom condominiums offer floor plans ranging from 575 square feet to as much as 725 square feet. Floor plans for two-bedroom condominiums start at 825 square feet and range up to 975 square feet.

The Grand Terrace offers one three-bedroom penthouse unit with 1,600 square feet. The price for the penthouse is $299,000.

Deeded parking is available to residents for an extra fee. Indoor spaces sell for $12,500 while outdoor spaces can be had for $8,000.

The Grand Terrace will also offer about 10,000 square feet of office and retail space on the ground floor, bringing jobs and businesses to Douglas.

Historic Bronzeville has long been one of the most important neighborhoods in Chicago. The area holds a special place in African American history. Bronzeville has long been home to several African American-owned businesses.

Bronzeville is conveniently located just south of the downtown Chicago business district, making the Grand Terrace a convenient choice for professionals who make the daily commute to work. Residents can walk to the Red Line of the El, or take a bus to downtown in minutes.

Bronzeville is also close to the Lake Michigan shoreline. Residents can enjoy a sunny summer day at the public beach located at 39th Street and Lake Shore Drive.

Residents of Bronzeville are also close to the University of Chicago and DuSable Museum.

Buyers considering a condominium in Bronzeville should be aware of current market conditions in the area.

Bronzeville is part of Douglas. According to the most recent numbers from the Chicago Association of Realtors for Douglas, the neighborhood continues to show relative strength despite a decline in demand for condos across the city.

Demand for condos in Douglas remained steady during the third quarter of this year. A total of 40 condos were sold during the quarter, down just 5 percent from last year.

The supply of condos on the market is decreasing. Despite slightly lower sales numbers, the turnover time for a condo in the neighborhood decreased by six days to 65 days.

The average sales price for a condo in Douglas continues to increase. During the third quarter, condos in the neighborhood sold for an average of $205,833, more than 10 percent higher than last year.

The Grand Terrace offers many condominiums below the average sales price for the neighborhood. The development is an excellent option for buyers looking for affordable housing close to the heart of Chicago.

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