I just heard from Elizabeth August, the @properties agent at 155 North Aberdeen in the West Loop. Construction – starting with the demolition of the existing building at 155 N Aberdeen St – could begin as early as next week, with deliveries expected before the end of the year.
The price points of the remaining seven units range from the $470s to the $950s.
They’re going to demolish a building and erect a 4-story condo in its place, and do it all in less than 9 months? In Chicago?
That’s a little optimistic, don’t you think?
Jusssssssssssst a little.
It does seem optimistic – but not unheard of.
Did anyone watch Presidential Towers come out of the ground and top out? A real tour de force on the part of McHugh Construction.
I remember that well – and I also remember what a financial fiasco that development became shortly after. Quite the white elephant for the Byrne administration, if memory serves.
And for Dan Rostenkowski and any number of other pols who dirtied themselves up in the deal.
If memory serves it was the largest FHA-insured loan ever to go into default, and Rostenkowski passed an increase in the FHA loan limits solely for this deal.
The whole history of PT, up to a point, was one of the great sagas of Chicago chicanery, starting with the assembly of the land for it by Charlie Swibel.
But like any rental apartment building, after it stabilized, it commands some of the highest rents in the city. JZ- I would love to know if you plan to include a rental housing section to Yo! It seems with the condo market the way it is, and more developers looking at rental property, may be a good time. Just a thought.
Stokes,
Rentals were part of our original plan, but were shelved due to scarce resources.
I agree with you that the shifting nature of the market warrants our taking a closer look at rentals.