In a day when we are seeing more development projects abandoned or put on hold than completed, it is refreshing to see a project come to fruition. Over the past couple of months, Wrightwood Crossing has gone from a rendering to a reality. Despite some early controversy, the project, located at 1307 W. Wrightwood in Chicago’s Lincoln Park Wrightwood Neighbors-West DePaul neighborhood, appears to be succeeding.
Led by strong pre-sales as reported in mid-2009, the project is now in early construction. A quick scan of the Multiple Listing Service shows that of the 19 units, 3 are currently showing as available (all units may not be listed on the MLS) at the representative price points and 8 are showing under contract. The 2 bedroom units start in the upper $400k range, 3 bedrooms in the low to mid $600k to upper $900k range, and 4 bedrooms are priced at just over $1MM.
Just goes to show that new construction can succeed in this market given quality location / site selection, manageable project size, innovative design, and of course pricing.