We learned a few months ago that Sedgwick Properties Development succeeded in obtaining a $50 million construction loan for Terrazio, a 180-unit condo development at 1935 S Wabash Ave in the South Loop. Last week, I took a walk down Wabash and had a look at the construction site, which is shown in the above photo.
Sales agent Akos Straub from Jameson Real Estate says construction started back in May, but that workers are only now reaching ground level because they had been excavating an underground parking garage for most of the summer. Straub says construction will probably continue for the next ten months or so, and that first deliveries will probably start in summer 2009.
There are currently just a handful of available one- and three-bedroom units in Terrazio, Straub says, but there are plenty of remaining two-bedrooms. The available one-bedrooms start in the $190s, two-bedrooms with one baths are priced in the $270s, two-bedrooms with 1.5 baths start in the $280s, and three-bedroom / two-baths start in the $410s.
Garage parking is offered for $35,000, and a $2,500 credit towards upgraded finishes is offered to buyers that use the developer as a preferred lender.
– Rate and review Terrazio at NewHomeNotebook.com
