A reader identified as “Nathan” contacted Yo yesterday asking about 123 North Sangamon:
“Wasn’t this building supposed to deliver in the Fall of 2007? Is the developer having problems?”
As Nathan says, deliveries at the 46-unit loft conversion were originally slated for November, and we have just learned that W Developments is indeed having problems that extend beyond 123 North Sangamon.
Half of 123 North Sangamon will be converted to rental units, which probably wasn’t what the developer or buyers had in mind when the project began.
The bigger blow for W Developments, however, is at 123 North Sangamon’s next-door neighbor. Plans for One, the 64-unit development 111 N Sangamon St, will likely be abandoned due to lack of financing, says Marty Winefield of @properties.
Although about 75 percent of 123 North Sangamon had been sold when we posted a sales update last September, many of those contracts were later retracted, according to Winefield, who has been marketing the building. David Wallach, the president of W Developments, missed several drop-dead dates and permitted a lot of buyers to back out of their contracts, he says.
Despite the news, Winefield says that construction is going ahead at 123 North Sangamon, and the building should be ready for deliveries in three or four months.