For most of the summer and fall we waited for ground to break at 2800 N Lincoln Ave in Lake View, site of Helios Realty and Development‘s new nine-unit green development. But every time Joe or I drove past the intersection, it looked a lot like the photo above. On Friday, I spoke with Hans Fedderke from Helios, who says the construction timetable has moved back.
“Our goal is to break ground this summer,” Fedderke says. In order for construction to begin, Helios must first lock down a retail tenant for the 1,200 square-foot ground-floor commercial space. The developer is in talks with a retailer, he says, but a lease hasn’t been inked.
In August, Fedderke said 2800 Lincoln would meet enough of the US Green Building Council‘s requirements to gain LEED Gold certification. The building will feature a green roof, geothermal heating and cooling systems, solar hot-water heating, and energy-efficient appliances.
Fedderke sent along a price sheet after our conversation on Friday, which shows that seven of 2800 Lincoln’s nine homes are still available. Prices for the five single-floor two-bedroom / two-baths run from the $490s to the $520s, and the two remaining three-bedroom / two-bath duplexes are priced from the $780s to the $810s.
NewHomeNotebook:
• Rate and review 2800 Lincoln
Related posts:
• 2800 Lincoln goes for the (LEED) gold (Aug. 13)
NOt sure if it is going to happen. The property is listed as “for sale” on the MLS.
I would bet a lot of money that this thing never gets built. I ride past the lot every day on the bus and its been a gravel lot for over a year. With only one or two presales it isn’t going to cut it.
I am an attorney that works in this practice area. I would be very very wary of even moving into this place if it does get built.
Ari,
The more comments I read from you the more I suspect you’re a 13-year old who has hit his parents’ liquor cabinet.
Haha. It’s very possible Joe. This 13 year old is very pessimistic about developers in this economic climate. I would strongly urge everybody just to do a little bit of research into seller’s assets and the subcontractors that are working under the general contractor.
In many new construction projects, the seller is a larger development company or a builder that forms an LLC just to sell the new development. If the LLC thereafter goes bankrupt, the buyer is left with no recourse for major defects such as a leaking roof. However, under the implied warranty of habitability, a buyer may proceed against the subcontractors who performed the work poorly. Protect youself by ensuring that the subcontractors are competent and solvent. I would be suspicious of any seller that refuses to disclose the subcontractor’s information.
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Ari,
Do yourself and us a favor and have an attorney read your comments before posting them. Despite your bluster, it’s obvious that your 3 months of practicing law have taught you jack about the subject you’re blathering about.
Are you disputing the accuracy of the above statement? Have you taken into account that things may have changed since you were last admitted to practice law in the State of IL 30 years ago?
I withdraw the above statements
Ari,
I enjoyed our brief chat and look forward to your return and your more considered contributions to the site.