The present and future of new construction in Chicago

As many as five years, and maybe more, will pass before Chicago sees another medium- to large-scale condo development break ground, says Alan Lev, the president and CEO of Belgravia Group.

A few days ago, Joe Zekas and I met with Alan in his River North office to get an update on Belgravia’s few active developments, and to get his take on what will — and won’t — happen in the Chicago market for the next few years.

Since we last met with Alan on camera, Belgravia has closed out the Hartland Park townhome development in Lincoln Park and the Union Row townhome development in East Pilsen, and is working toward closeout at its 600 Lake Shore Drive high-rises in Streeterville and the loft / condo hybrid 565 Quincy in the West Loop.

An affiliate of Belgravia recently purchased and began renovating a number of vintage condos at 433 Briar in Lake View. But aside from a proposal for redeveloping the Children’s Memorial Hospital site in Lincoln Park (currently under consideration, alongside proposals from other developers), Belgravia currently is not planning any new, large-scale projects, Lev says.

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