About 75 percent of available units have sold at Parkside of Old Town, according to Catherine Hughey, director of sales for the project.
Developers Kimball Hill Urban Centers, Holsten Real Estate Development Corp. and the Cabrini-Green LAC Community Development Corp. are building nearly 800 new homes, including townhouses and mid-rise condos and apartments. The development will ultimately fill eight square blocks in Old Town bounded by Larrabee, Division and Oak streets and Seward Park.
Parkside of Old Town is one of several developments replacing the Cabrini-Green public housing project as part of the Chicago Housing Authority’s Plan for Transformation. Instead of crowding low-income families into massive complexes (like Cabrini-Green’s notorious high-rises) the plan calls for mixed-income communities.
Parkside of Old Town allocates 30 percent of the units as public housing rentals and 20 percent as affordable housing. The remaining 50 percent of the units are market-rate. Both the affordable and market-rate components include rental and for-sale units.
The condos are priced from the $260s to the $540s. The townhouses range from the $490s to the $830s. Phase one townhomes are slated for delivery this summer and fall. The condos will be completed about a year later, according to Hughey. Sales started a little less than a year ago.