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.