Deal of the day: American Invsco offering parking buyback deal at Ontario Place

Ontario Place, 1 E Erie St in River North, ChicagoBack in 2007, American Invsco was offering a free parking incentive at The Private Residences at Ontario Place, the 467-unit conversion tower at 1 E Erie St in River North. For most of 2008, parking was offered for $42,000 – $55,000 per space. Now, the parking incentive is back, only this time it’s more complicated.

According to Invsco agent Janet Seehausen, the developer is offering garage parking at the discounted rate of $5,000 per space. However, if you don’t have a car or otherwise aren’t interested in using the garage, you can sell the $5,000 parking space back to the developer for $40,000.

In effect, the developer is offering $37,000 to $50,000 to buyers that want parking and 35,000 that can pocketed by buyers that don’t want parking, but only after a transaction involving a parking space takes place.

Several 995 square-foot one-bedroom / one-bath condos are still for sale in the building, according to Seehausen, and prices range from the $380s to the high $400s, according to our most recent post on the development.

NewHomeNotebook:
Rate and review The Private Residences at Ontario Place
View our list of Downtown conversions

Related posts:
Only one-bedrooms left at Ontario Place (April 15)
Free parking is a common incentive (Jan. 23, 2007)

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