Sales and construction reach halfway points at Lexington Park
Posted 6/2/2008 by Mark Boyer
If it seems like sales and construction at Lexington Park Condominiums are proceeding slowly, it's because they are. Sales are still at the halfway point on the 35-story high-rise, and construction on the tower, located at the corner of Michigan Avenue and Cermak Road, has reached the 14th floor.
Sales at Lexington Park started in June 2006, says Britta Rivera, vice president of sales for the Chieftain Group, but activity stalled for much of the past year before Chieftain decided to handle sales internally. (@properties previously handled sales, according to old Yo posts.)
Rivera says units are available in all of the building's layouts including one- and two-bedroom condos and one- and two-bedroom lofts.
Prices start in the $230s for one-bedrooms and top out in the $720s for penthouses. A $10,000 price incentive is currently being offered for all units, and parking for the lofts, which usually costs $34,500, is currently available at half price.
Rivera says that deliveries on the lofts, which are located in an adjoining building on the other side of the parking structure, will begin at the end of the year. Condo deliveries will probably start in February or March of 2009.
Comments
6/2/08
Jeff said:
Sales to investors or sales to owners? The sales levels in the South Loop "reported" are such a joke, as provided by some of YoChicago's articles which show sales going backwards on a few projects. Developers are at not obligation to privide accurate numbers for these articles.
The number of investors renting out units in some of these projects, like this, 1720 & 1640 Michigan, Prairie District Lofts, Chess, etc. is absolutely frightening if you area a buyer with any intention to live in the building.
Also, I see in your Prairie Lofts article, there was not explanation of the complex parking situation???
Alan said:
What part of this project faces Michigan?
Jeff said:
In this photo, the left side of the small 8 story building, the side with the 18 balconies. Everything else pretty much fronts Cermak, and Indiana.
I hope this project does well, because some sort of anchor is needed on Cermak to kick start better retail and restaurants, and fulfill the goals fo the Central plan for this area.
I just wish they would have put more thought into designing something that was remotely inspired by the real Lexingington Hotel http://en.wikipedia.org/wiki/Lexington_Hotel
Alan said:
Well said jeff. The real Lexington was one hell of a nice building..
Sheridan B. said:
WAS a nice building, it could have been saved and wasn't. No point in a faux recreation, that's not the American way, we love new. Though Chicago, historically, despite the myth of the Chicago School, loves historicist tripe.
Stokes said:
Since it's massing looks just like Silver Tower at Franklin / Ohio…should be an interesting race to the finish!
6/3/08
UptownR said:
Even Lucien LaGrange himself, Chicago's king of faux historo-crap, could not recreate the splendor of the original Lexington Hotel. Save the old buildings, don't try to mimic them.