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Centrum Properties‘ Lofts at Roosevelt Collection, 150 W Roosevelt Rd, was a little less than 60 percent under contract the last we checked, with prices of one- and two-bedrooms hovering in the low $300s-to-$650s range. Construction continues on the residential floors and retail space of Roosevelt Collection’s two mid-rises, and while they’ve come along since my visit in March, both parts of the development still have a lot of work ahead of them.
Related posts:
- Construction checkup: Getting your fill of the Lofts at Roosevelt Collection
- Without retail tenants, Roosevelt Collection adds color to Roosevelt Road streetscape
- Roosevelt Collection open for business, accepting new tenants
- Ex-condo examinations: Comparing Roosevelt Collection and Burnham Pointe
- Outside and inside Roosevelt Collection
{ 15 comments }
I’m a buyer and my attorney said she heard this complex was going rental? The last communication I got in March was a pre-closing questionnaire and said to expect a closing date for June – obviously not happening. Anyone else heard the rental rumor?
We’ll try to get an answer for you.
I wonder what’s up with the retail space. Besides the cinema and maybe that David Barton gym (?), they haven’t announced any other tenants yet have they?
How could Centrum not know this or communicate it to buyers?!
Just talked to Jordan Cooper with Centrum’s sales team. He says closings have probably been pushed back to August at this point. He said it was possible that Centrum might offer some rental units at some point, but added that he’s not privy to that information or much about the retail side of the development right now. We’ll see if we can get in touch with someone from Centrum’s development team to learn more about those subjects.
Joseph – thanks for checking into this. I’ve heard the same song and dance from the sales center since last fall, early spring, etc. I think Mr.Cooper is “towing the company line” at this point to not scare off other potential customers. The banner advertising the lofts for sale has been removed off the side of the building and there have been no advertisements nor any contact with buyers. I’m tired of getting no direct answers from the sales team.
I would think the sales team has to have more retail stores signed. I have read about some bakery shop MBCO that has rented space.
I am frustrated with the same run -round from them! Almost a month ago, my salesperson (who is no longer employeed with Centrum) called me to tell me all units are going rental. Although I can not get anyone at Centrum to confirm that.
I am feed-up with the treatment they are giving me…
Gail, glad to hear it’s not just me who thinks communication is bad. I heard about a month ago about the rental possibility as well through my closing attorney. She works in the South Loop and called to tell me that “word on the street” is that they are going rental. I called the actual project manager at Centrum Properties this week, Larry Powers. Nice guy and told me that they have “submitted their paperwork to Bank of America” for more funding and it takes a long time. I think B of A wants to see the development go rental instead of waiting for sales to happen, at least there will be cash flow.
Maria,
I heard from my realtor that three different possibilities for the future of this project. First, transition to rental with full money back. Second, sales price reduction including existing sales. Third, make just one of east or west wing for rental with price reduction. Hopely, I just want them decide soon so I can get my money back or get discount. BUT, I DO NOT WANT TO WAIT FOR LONG TIME…. Can anybody represent all buyers and communicate with ‘Centrum Property’? I believe it’ll be great for us to feel more secure about our future with thic company. Thanks.
Connie
Connie
This is great information – thanks! What company is your realtor with? I too want my money back, unless the price reductions are like 50% – ha! I’m going to send this link to my attorney and see if he has an answer to your question about communicating as a group. Keep me posted if you hear anything else and I will do the same!
Maria
I’ve created a discussion forum as a starting point for dealing with developers who fail to communicate. Details here.
Maria,
His name is Ryan Yi(847.707.9673) works for ‘Top Realty Inc.’ of Glenview. Thanks.
Connie
If you are a buyer at the Roosevelt Collection and have concerns or questions regarding your contract, please send your contact information to Rebecca Hawkinson at rhawkinson@centrumproperties.com and the appropriate person will respond.
Has anyone heard any update on what is going on? I can’t imagine anyone who has bought here would want to buy if part pf the property is going to be rental further devaluing the property. Many people paid up to $400 a square foot which is far above the market value.
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