When I visited The Silver District in late March, the building looked complete — it had a roof, all the windows were in place, and the furnished models were open to the public — but then the developer decided to a sixth floor.
According to North Clybourn Group agent Karen Biazar, the new floor at 2800 W North Ave should be enveloped, framed and drywalled within the next 45 to 60 days. Construction will be completely finished in November or December.
Twelve of the 20 condos in the development have sold so far, and Biazar says that as many as 15 contracts have been signed. That number might have been higher, but as Biazar puts it, “various new world order changes in banking requirements have disqualified a few of our purchasers along the way,” adding that, “momentum and interest remains steady.”
Although the Silver District has been relatively successful in the four months since it opened, Biazar says the developer isn’t ready to take the plunge on a larger, 40-unit development planned for the lot next door at 2808 W North Ave.
Biazar says the size of the project will make it difficult to secure a construction loan, and the developer will instead opt to “hold the land for 24-36 months for inventory levels to decrease and the financial markets to open up with more favorable conditions.”