Earlier this afternoon I spoke to a representative of Waterton Residential who confirmed a rumor I’d heard this morning that Waterton had acquired Mondial, the off-again on-again River West condo development.
The person I spoke to was unable to provide further details, but I have calls in to developer Jack Berger and another Waterton representative.
In the above video architect – developer Jack talks about the architecture of Mondial. Part 2 of the video is at YouTube.
Update: Crain’s has more details at Chicago Real Estate Daily.
So what happens to the twenty-one people who already purchased units in this building?
I had a buyer with an offer on one of the units here. We were in the midst of negotiating when I got a text message from the listing agent I was dealing with telling me “no deal, developer is cancelling everything”. After that, I couldn’t get ahold of her to find out why. So, thanks for sharing!
The unit owners can stay. Waterton has taken over the building management and are struggling to get their act together to start leasing. Their pricing is ridiculously high for the area. Will be interesting to see what happens.
Are the unit owners taking a hit in resale value because of the renters?