The Apartments at Lakeview Collection
Posted 3/26/2008 by Joseph AskinsLooks like I wasn't the only one calling around about the Lofts at Lakeview Collection. Crain's reports this morning that Centrum Properties will turn the condos at Belmont, Ashland and Lincoln avenues into luxury apartments.
“The reason for the change is obvious — the condo market is soft and the luxury rental market for an infill urban deal of this type remains strong,” Centrum Principal John McLinden writes in an e-mail.
The six-story project, designed by Chicago architecture firm Hirsch & Associates LLC, now will include 130 apartments and 90,000 square feet of retail space anchored by a Bank of America branch and a David Barton Gym. The Chicago-based developer has yet to line up a loan for the project but plans to break ground this fall, Mr. McLinden says.
There you have it, sports fans. (Thanks to the sharp-eyed lakeviewer for the tip.)
Comments
3/26/08
Geoff Vrba said:
It seems curious to me that Bank of America would anchor this project considering they just built a brand new branch across the street. Perhaps this will be more offices, and commercial in nature, as opposed to a new retail branch. Who knows.
IrishPirate said:
Bank of America bought LaSalle Bank. Which currently occupies most of the property. Within the next few months all LaSalle Banks will be renamed Bank of America.
I assume the BOA branch across the street will close once this building is finished.
Geoff Vrba said:
LaSalle had offices there, and a branch down the block, which I think would be what BofA would do there as well. The branch that is open across the street is brand new, new construction on a tough triangular plot. My guess is they would not go through the trouble of making that branch only to tear it down. Like I said though who knows what these banks are thinking most of the time.
Alan said:
Ok, I have seen a starbucks within the view of another, but two B of A's across the street from each other is ridiculous. It will be interesting to watch as banks start closing branches. There is now way this is sustainable.
3/27/08
Kurt said:
One downside of the condo boom is that it has left the rental apartment market sorely neglected by developers. Its good to see someone developing high quality rentals, since plenty of people want a nice place to live but cannot or will not buy it for various reasons. Rentals are a much better choice in a soft sales market.