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Given the pace of new construction over the past year, it’s easy to assume that we’re running out of truly new buildings to cover in the South Loop. Believe it or not, there are still several new towers that still aren’t ready for public consumption: Astoria Tower, Lexington Park Condominiums, Museum Park Place South, and One Museum Park West are all on pace to deliver homes sometime this year.
So is 1555 Wabash, New West Realty’s nearly completed but decidedly empty 14-story tower at 1555 S Wabash Ave. We may finally get a look inside within the next month or so, based on the latest news from Terrie Whittaker, New West’s president of sales and marketing. The building, she says, has obtained certificates of occupancy for its first three residential floors and should be ready to “rock and roll” (which I interpret as “start closing units”) around the first week of May.
New West plans to open a model on the building’s eighth floor once it receives a certificate of occupancy for that level. We’ll keep an eye out for open house announcements at the building and will pay a visit as soon as we can.
1555 Wabash at last check had one- to three-bedroom homes priced from the $200s to the $500s. The building recently obtained FHA approval for its qualifying units, Whittaker says.
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What is the typical FHA approval process? Are factors like percentage of units sold and rentals included?
Jeff,
The second question is easier to answer than the first, since there are different programs under which a property might qualify.
Short, incomplete answer: yes. percentage of units sold and owner-occupancy percentage are relevant. There’s also a “spot approval” process for units in nnn-approved projects.
You can search the list of approved / pending projects online.
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