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A slow market apparently isn’t deterring Provence Development Group, which recently announced plans for 9 West Erie, an eco-friendly high-rise in River North. The developer will seek LEED certification for the 14-story tower, according to Lynn Reidl, of Real Living Helios, an agent marketing the project.
Plans by Weiss Architecture call for ground-floor retail, several levels of parking, and 10 residential levels with six units per floor, Reidl says. The condos will be 740 to 1,700 square feet, with one or two bedrooms, and one or two bathrooms.
Prices range from $279,000 to $764,000, with parking for $40,000.
A grand opening will be held Oct 11 at a sales center in Real Living Helios’ office at 152 W Superior St, Reidl says.
We’ll have a rendering soon.
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Here is an example of the difficulty in tracking developers. Kate, you must have been told, but how did you know this is Provence Development? When you go to the website, the developer claims to be Erie & State LLC, developer license, blah, blah.
If I am not mistaken, Provence is none other than the remaining partner of Legacy Development, Bill Warman, who is just completing Chess Lofts, took HomChicago off of the market, and is working to avoid legal proceedings due to window quality problems 1717 S. Prairie highrise, which hopefully will be corrected.
Jeff,
Lynn Reidl, the Real Living Helios agent I spoke with, said the developer is Provence Development Group.
Now that’s exactly what River North needs, more condos! God knows there aren’t enough already.
Developers very often form individual LLCs for each development.
It would not be unusual for Provence to be doing a development which was technically being done as a separately named LLC.
Jane – there will be new condo developments being built in River North for the next 40 years. If you don’t like it, concern yourself with another neighborhood.
Oh I’m not complaining, Sam. Quite the opposite. More bargains for me to find once this insane bubble market collapses. Its the current River North property owners who should be upset.
Will the median River North condo price be higher than it is today 10 years from now? Of course. 2 years from now? Probably not. The point is people need to stop treating for-sale residential real estate as if it is a stock-like asset class. It’s not. The flippers have packed it in and that is a good thing. The current pain in the market will prove to be a positive for the long-term health of the market…
Legacy Development has a “legacy” of buildings with major problems. Their building at State & 15th had problems with the balconys that caused a special assment. Their building at 8th & Wabash just had a $3,000,000 special assment to redo all of the balconies (improperly installed) and they did not seal the garage floors.
So yes Mr. Warman and his associates have left a trail of legal proceeds where ever they went. Check out Astoria Tower in the South Loop that is also being done by Provience Development.
If the developers of this tower are really aiming for “green”, they should eliminate the parking podium.
And do what instead, have no parking? I’m sure a lot of people want to live in a place with no car, or even guest parking.
This building is being shoe-horned in on a tiny lot at State and Erie. It backs up to the 630 N. State high-rise, and a new hotel is going up directly across the street.
If I were a betting man, I’d bet this one doesn’t get built.
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