Being a South Loop condo developer in 2009

“Smart developers are trying to save themselves right now…the main thing right now is not to get destroyed.”

So says Jacob Bletnitsky, principal with Russland Capital Group. Being a developer in the South Loop means having a lot of sleepless nights, but a builder’s loss can be a buyer’s gain, he says. Here, Bletnitsky and his business partner, Alex Vaisman, talk about buyer expectations (“Some people want to buy 50 cents on the dollar. It’s not going to happen.”), give their version of the ubiquitous “There’s never been a better time to buy” speech, and even talk a little bit about their hopes for the future, which include plans for a new development on a six-acre parcel at Franklin Point, located at the intersection of Harrison and Wells streets. (Ask and ye shall receive, J.)

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