Foreign investors pulling Chicago condo market out of slump

In the June issue of New Homes, columnist Don DeBat looks at several condominium projects that are moving forward thanks to foreign developers and investors. Financing dollars from countries such as Ireland, Germany, China and Kuwait may be the muscle that pulls Chicago’s new-construction market out of its slump, he writes.

Backed by Irish developers, Lexington Park Condominiums, a 35-story new-construction high-rise development on the northeast corner of Michigan Avenue and Cermak Road in the South Loop, appears to be on a sales and construction roll.

Sales at the 333-unit Lexington Park have surpassed the 50-percent mark, and construction has soared past the 14th story, noted Sean O’Sullivan, chief operations officer and director of Ireland-based Chieftain Group, the developer. Prices range from $237,900 to $727,900.

Chieftain has also signed a contract for a second South Loop development site at Harrison and Wells streets.

Read the entire column here.

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