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“The cheapest thing to do is to sit and wait it out. The type of buyer they have will be there when the market is better.”
Jameson Development principal Harry Huzenis, offering some advice to the developers of the proposed Lincoln Park 2520.
According to Crain’s, Ricker-Murphy Development plans to both reduce the number of homes at the Lucien Lagrange-designed high-rise by almost a third, from 292 to 198, and reduce the height of the building’s central tower from 41 stories to 33.
The changes could allow Ricker-Murphy to complete Lincoln Park 2520, 2520 N Lakeview Ave, by late 2011, as required by the contracts signed for approximately half of the project’s units, Crain’s reports. The developer will still need about $200 million in construction loans to execute the revised plan; a $28.75 million loan on the site is set to mature next month.
The reduction in units raises the amount sold to about 74 percent, but several of the homes slated for elimination are already spoken for, meaning the project actually could lose buyers. Even if it can retain all its current buyers, Ricker-Murphy is unlikely to get a construction loan with three-quarters of its homes under contract.
Joe, Jeremy, and I visited the Lincoln Park 2520 site last month. Here’s what we saw:
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They are getting ready to do something. We saw trucks delivering big pieces of metal last week.
In the good old days of Lincoln Park this site, in its current state, would have been quickly subdivided into garden plots – squash and sunflower seeds run riot.
Perhaps the current owenrs are rushing to pave the site before history repeats itself. There must be enough pony-tailed dudes and tie-dyed flower grandmas in the area lusting for one last go at the glory days to pose a real threat.
Oh, that would be cool! My parents had a garden plot for a while, it was great – a lot of fun and we got a ton of produce out of it. It’s now townhouses and before that it was a vacant lot where my brother did motorcross stuff.
SheridanB,
If they proceed with the foundation, and if there’s underground parking, this might also make a great temporary (?) skateboard park.
I think the neighbors might scream bloody murder. Perhaps a tennis or squash court. Or valet parking?
Let me keep trying, SheridanB.
Foreclosures are forcing some Lincoln Parkers to leave. How about an open-air market for them to sell their surplus possessions? Call it the “formers market” or the “flee market.”
this is absurd – the project is radically altered from the original plans and this project should be stopped, halted – to go forward with foundation work with no loan in place only delays the inevitable – chicago alderman need to close this down and turn this property into a park – this is reckless and only defers the inevitable
So are you willing to raise taxes to pay for an unnecessary park next to a park?
I think luxury airstreams for the foreclosed…. A high end boutique trailer park is in order.
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