Concord Homes has started demolition of the former American Linen Building at the corner of Franklin and Institute to make way for the Parc Chestnut, a new condominium building with 261 loft-like units.
The developer invited home buyers to watch the start of demolition in early April and to celebrate the start of construction.
“It’s not every day home buyers can watch the demolition of a building, let alone one that signals the beginning of construction for their new homes. There was definitely a sense of excitement and anticipation in the air,” said Roger Mankedick, executive vice president of Concord Homes. “This also marked the first time many of the homeowners had met each other, so it was great to see so many friendships forming.”
Those in attendance received interior bricks as keepsakes from the demolished building and then gathered at Parc Chestnut’s “Welcome Home Center” for refreshments and to meet fellow homeowners as well as Concord executives and the building’s architect.
Remaining homes at Parc Chestnut have one to three bedrooms, one to 3.5 baths, balconies or terraces and 860 to 3,356 square feet. The condos are base-priced from the $270s to the high $700s. Buyers can choose from “loft” or “soft-loft” designs. Indoor parking is priced from $29,000.
Standard features at the Parc Chestnut include granite kitchen countertops, cultured-marble countertops in baths, hardwood floors in living areas and ventless gas fireplaces. Penthouses have granite countertops in both kitchens and baths. Building amenities include a 24-hour doorman, valet dry cleaner, fitness facility, business center, bicycle room, party room and storage units.
The wide variety of units at the Parc Chestnut has drawn a mix of buyers, including former renters, empty nesters, move-up buyers and purchasers looking for second homes, according to Mankedick.
The Schusters moved to Western Springs to start a family but are now returning to the city with a unit at the Parc Chestnut. Their children attend St. Ignatius College Prep high school near Little Italy, so Stephen and Rebecca Schuster decided to save on commute times for the kids while broadening their options for entertainment and culture. They have bought a three-bedroom four-bath duplex penthouse with a den and two terraces.
“Not all condominium buildings are as conducive to family living as Parc Chestnut,” Mankedick said. “Our three-bedrooms average more than 2,500 square feet, and come standard with three full baths and a den. That’s more space than many single-family homes. Plus, the park we’re building across the street will give families a designated place to walk their dogs.”
At press time, the development was more than 50 percent sold. First occupancy at the Parc Chestnut is scheduled for 2005.