ChicagoNorthwest Side

Running on empty on Elston

by Joe Zekas on 2/20/12

It’s easy enough to understand why someone would live on Elston Avenue, despite its generally bleak commercial and light industrial character. We all have our differing priorities, and some of us opt for what we perceive to be our best option close to something or other that matters to us.

It’s far more difficult, at least on the surface of it, to understand why developers undertook a spate of new condo construction on Elston during the last decade. Few of these developments have ended well.

One project that’s been a complete bust is Rockwell Plaza, 2964 N Elston Ave, pictured above. It lives only on useless search-bait websites like Best Chicago Condos, one of many sites luring dreamers to Dream Town Realty.

Rockwell Plaza’s developer, Rockwell Plaza LLC, was involuntarily dissolved in March of 2011. Its sole member, Trinidad Development Inc, was involuntarily dissolved in July of 2010. Trinidad’s principal, Richard Trinidad, has a reasonably lengthy history in the courts, including a suit alleging fraud, several foreclosures and, apparently, a bankruptcy filing.

Rockwell Plaza itself has been in foreclosure for just over two years and is encumbered with a number of lien claims. It’s also become a target for graffiti.

Anyone willing to speculate on how long this Avondale property will remain in its current state?

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{ 2 comments… read them below or add one }

the urban politician February 20, 2012 at 3:00 PM

I don’t understand why investors don’t come in and finish this project as rental apartments?

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the urban politician February 20, 2012 at 3:09 PM

Looks like to me the expensive aspects: framing, foundation, and the roof seem to be completed or at least mostly done.

Add plumbing, sewer, hvac, electric, floors, and interior finishes, and you’re basically done. Get a new permit, use the existing or even new floorplans, and there you go. This property isn’t far from the Kennedy, which is a plus.

Damn, if only I had a few million to bid on this thing.

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