Sales update: @properties handling sales for Parkside of Old Town's first phase

Parkside of Old Town, Chicago

With the construction of more public and affordable-housing units just around the corner, @properties has been called in to market the surplus of condos already built at Parkside of Old Town, the mixed-income community slated to replace part of the old Cabrini-Green projects on the Near North Side.

@properties has already listed five one-bedroom / one-bath homes with 714 to 853 square feet from the $180s to $190s, and five two-bedroom / two-baths with 1,083 to 1,238 square feet from the $260s to $280s. All of the homes are located in Parkside’s two condo mid-rises: the Hudson at 437 W Division St, and the Cambridge at 511 W Division St.

Most of the 65 condo sales recorded on Redfin occurred in the fall and winter of 2008. One-bedrooms have sold anywhere from the $210s to $340s, with a median price in the mid-$270s, while two-bedrooms have sold from the $360s to $630s, with a median price in the low $410s. A total of 85 homes, including some townhomes, from Parkside’s first phase of 177 market-rate units had sold as of January.

In January the city adjusted its agreement with Holsten Real Estate Development to ensure the builder would receive its final $3.4 million in promised TIF dollars for Phase 1 and thereby avoid defaulting on a loan from JP Morgan Chase. Earlier this month, the city and Holsten announced plans to spend $42 million on the construction of a second phase of 39 CHA homes, 53 homes for low-income families, and 20 market-rate apartments.

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