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That’s one way to reduce excess supply in the market.
We’ve heard for months now that the developers of The Elysian, 11 E Walton St, were trying to drop the project’s hotel-condo plan. According to Crain’s, they’ve finally done just that.
Closings are set to begin on The Elysian’s 52 residential condos next week, according to the article. Only eight remain for sale at prices ranging from $4 million to $8.2 million.
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I truly welcome the Elysian to the hood, but I’ve gotta admit that I questioned the viability of the condo hotel concept in Chicago when this thing went to market. Sorry things didn’t pan out, but the building’s a nice addition to the street.
Pisor, if you have an ownership interest in any of the properties directly across the street on Walton, I hope that you have plans for them. Some of those places could benefit from a nip and tuck.