Solstice on the Park

Hyde Park continues to attract new residents. The area has added several new luxury condominiums as developers look to the neighborhood to provide affordable units close to the University of Chicago.

One of the newest developments planned for the area is Solstice on the Park, which will offer 145 units. The developer is Antheus Capital LLC, a New Jersey-based company which owns the Windermere House. Solstice on the Park will be located at 5526-5540 S. Cornell Avenue, steps from the Lake Michigan shoreline.

The 26-story tower will offer a number of different floor plans for buyers to choose from. Two, three, and four-bedroom condominiums will be built at Solstice on the Park. Floor plans will start at 1,200 square feet for the smallest two-bedroom unit and range up to as much as 3,500 square feet, making this development an excellent choice for professionals and large families.

This unique glass and steel tower will be one of the most interesting additions to the Chicago skyline. Residents will enjoy incredible views of Lake Michigan shoreline and the surrounding city. The tower will also offer a large swimming pool and plenty of extra parking, with enough spaces to serve all residents.

The development will also offer affordable rental units for local residents who earn up to 60 percent of the median income for Hyde Park. A total of 53 units will be set aside for the program. Antheus Capital LLC will be seeking certification from the U.S. Green Building Council.

Construction on the tower will begin in summer 2008, and completion is planned for 2010. It will be the largest new condominium development in Hyde Park in more than 15 years.

The location of Solstice on the Park is one of the biggest draws for buyers. The development is just across from the Museum of Science and Industry, and is steps from beaches, bike paths, and open areas along Lake Michigan.

The University of Chicago is also a few minutes' walk from Solstice on the Park. The campus offers activities throughout the year, and is home to several great restaurants and cafes.

Commuters can get to downtown Chicago in minutes via the nearby Metra station. CTA buses also connect the area with other parts of Chicago.

Hyde Park is seeing a lot of development. According to the Chicago Association of Realtors, a total of 106 condominium units were sold in the neighborhood during the third quarter. This is a drop of just 8 percent from the same period last year, which is low compared to the average drop of 12 percent across the Chicago region.

Meanwhile, condo owners and developers received good news during the third quarter as the average turnover time for condos on the market plunged. If you're selling your condo in the neighborhood, it will now take you an average of 99 days to find a buyer, down from 127 days a year ago.

This has helped prices to rise in the neighborhood as the net absorption of condos on the market remains positive. The average sales price during the third quarter rose by 13 percent from the same period last year.

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