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Talk of a slowing housing market doesn’t faze Kroupa Development president Bob Kroupa: he thinks now is the perfect time to introduce Sheridan Tower, the conversion of a 22-story apartment building at 2930 N Sheridan Rd.
“Interest rates are phenomenally low. Gas prices are low. Unemployment’s down. There’s no reason why there should be a bad real estate market,” said Kroupa. “I think the market has been driven by the idea that it’s not a great market, but I don’t see that. Last year I did a project [Mildred Court] in Lincoln Park. Within 10 days, we were 90 percent sold. Every other developer I knew was telling me that the market was bad.”
Kroupa, who prides himself on his company’s quick turnaround of vintage buildings in Lake View and Lincoln Park, waited about four years for the building at 2930 N Sheridan to come up for sale. “I’ve always liked this building,” Kroupa said. “A friend of mine lived in it. I thought it was a great location. I thought the views were great, and I thought the units were large.”
He thinks singles and young couples will be drawn to the development’s prices and location in Lakeview East. “Mostly it’s probably a pretty young building,” he said.
The building has 252 one- and two-bedroom condos that are available either “as is” or renovated with new hardwood floors, kitchen islands, stainless steel appliances, Shaker cabinets, granite countertops, stone bathrooms, Brizo faucets and new bedroom carpeting.
One-bedroom prices start in the $210s and two-bedrooms in the $280s, but buyers who opt against the updates can take $40,000 off that price. As-is units will get updated electrical systems, some updated plumbing, and washer and dryer hookups at no additional charge.
All condos have radiant heating and window air conditioning units, and Kroupa said windows were replaced and the building was tuckpointed about five years ago. Amenities include a new fitness center, rooftop deck and community room. Limited indoor or outdoor parking is available for about $30,000.
Three models are open in the building, and Kroupa plans to begin the renovation shortly after sales open on Feb. 10. Rehabbed units will be available starting in April, Kroupa said.
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{ 1 comment }
All,
I also live in a Kroupa Development condo and am unsatisfied and yes I live in a full rehab that includes exterior work (roof, windows, tuck pointing or new façade) as well as interior work (interior framing, refinished or replaced floors, electric, plumbing, mechanicals). Just because the work is done does not mean it was done correctly or with a lot of thought.
I have found that my project was completed quickly, cheaply, and without much attention to detail while also delivering 6 months late. Kroupa Development additionally has been non responsive to many of the punch list items that they said they would complete within 30 days of move in. It’s been 8 months and still over half of the items are incomplete. All of the units in my development have similar issues and none are being met with a hint of common courtesy from Bob Kroupa, why should he, he’s already got our money.
Jeff, I assume you are a realtor representing Kroupa’s properties so your bias is obvious, to sell homes and present the best possible picture of the developer and the property. I would not count your opinion in any of this since you have not lived in one of his “quick turnaround” development properties. Also, my realtor does not know any of the problems we are dealing with she is the last person I would come to with these problems.
My recommendation would be to approach these properties with much hesitation and be very through before purchase. Avoid falling into the pre-construction pricing trap as the extra money you may pay later will be worth it in the end when you avoid many of the headaches that all of my development is dealing with.
Mike S.
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