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Lofts at Lakeview Collection: It… lives?

Posted 3/25/2008 by Joseph Askins

Lofts at Lakeview Collection

Another day, another wrinkle. Things just get curiouser and curiouser, Yo reader.

One day after sales manager Carrie McCormick said that Centrum Properties had canceled the Lofts at Lakeview Collection, project manager Nick Stocking insisted that Centrum is moving forward with the project, just at a date later than originally anticipated.

"It hasn't been canceled," Stocking said. "We've just delayed it until October."

Yo reported in past posts that construction was set to begin in the summer or early fall of 2007.

That's about all Stocking would say about the mid-rise planned for the intersection of Belmont, Ashland and Lincoln avenues, however. He directed all other questions about the nature and progress of the development to Centrum principal John McLinden. I couldn't reach McLinden for comment this afternoon, but I'm sure we'll be in touch very soon.

McCormick this afternoon declined to clarify yesterday's comments aside from suggesting a possible misinterpretation of the term "cancel." She also directed further questions to McLinden.

Lofts at Lakeview Collection at last report was to comprise 131 one- and two-bedroom homes priced from the $300s to mid-$700s, as well as 14 retail units, one of which was to house a David Barton Gym. Sales in July were at 30 percent, although I just noticed that Kate's article from August 2007 referred to 27 units sold, which would put things a lot closer to 20 percent.

Since this project seems to be moving forward, I hope I can give you an update tomorrow on any new developments regarding those price points, sales figures and retail tenants.

Comments

3/26/08

MCZ said:

That's hilarious, get it together Centrum!

lakeviewer said:

check out chicagorealestatedaily.com, going to luxury apartments now!

joebanker said:

I agree that the design was great, but the units were overpriced, especially given the location at Belmont/Lincoln/Ashland. There are many great units available on less-noisy and congested side streets in the area. This, coupled with the slowing market, killed this project. It will probably do very well as luxury apartments…Centrum will probably flip it to a multifamily investor once its complete and leased up.

Wasn't there supposed to be a single-family element to this project along Melrose? Also, didn't Centrum also buy the LaSalle drive-through property at School/Ashland? Was there ever a project announced for that site?

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