Crain’s confirms today what we were starting to hear ourselves: Centrum Properties has scrapped plans for The St Clair, the second tower of the proposed three-tower Cityfront Plaza development in Streeterville. Work on Cityfront Plaza’s first building, The Fairbanks, finished last fall and is about 90 percent sold, but sales at The St Clair never surpassed the 40-percent mark. Suburban developer Optima plans to build an apartment tower in its place, according to the article.
The St Clair isn’t the first Centrum project that has gone under this year. Back in March, YoChicago learned that the company’s Lofts at Lakeview Collection, planned for the six-corner intersection of Belmont, Ashland and Lincoln avenues, had shifted from a condominium project to rental apartments.
Centrum does have one project out of the ground: the 342-unit Lofts at Roosevelt Collection at the intersection of Roosevelt Road and Wells Street in the South Loop. Deliveries at last check were set to begin in the spring of 2009, with the project’s first retail tenants moving in right around the same time.