In late March, Karen Biazar told me that she and the developer of The Silver District hoped to “hit a home run” by offering a massive incentive package in the first weeks after the building hit the market. However, by my count, Biazar has hit a three-run shot along with a couple of grand slams, because in the eight weeks since the grand opening 11 of the 20 condos in the development have gone under contract.
North Clybourn Group agent Staci Slattery emailed an updated price sheet this morning, which shows that the entire northeast-facing 01 tier, which looks out on North Avenue and Humboldt Park, has been sold out, and there are only two available corner units in the 02 tier, which look out on the intersection of North and California avenues.
The price range for the remaining two-bedroom / two-baths has tightened a bit in the past month also. The least expensive home is third-floor unit with northwestern exposure priced on the $300s, and the most expensive available home is a sixth-floor corner unit in the 02 tier with southeastern exposure.
The incentive package was originally supposed to expire on April 11, but Slattery says it will be extended until Monday, May 11, “after which point we will re-examine before deciding to extend further.” Under the incentive, homes are delivered fully furnished, and buyers receive one year of free assessments, an audio / video home technology package valued at $5,000, a 1-percent closing cost credit.
Okay, so we build a condo building–a plus, but then you knock down the building right next door?
This in a neighborhood already suffering from vacant storefronts, but thank God for that Burger King!
This is my problem with development in Chicago, it takes one step forward but then 2 steps backward. Why do there always have to be so many holes in the urban streetscape which, unfortunately, end up being filled with weedy lots?
Perhaps it’s just an American thing–demolition companies have to get “their share” of business, but I often wish we could finally just FILL IN all these empty spaces in the city instead of just displacing them. In European cities you hardly see a vacant lot, and, gee I don’t know, people actually ENJOY visiting those places.
TUP,
The agent handling sales at The Silver District told me over the winter that the developer intends to build another five-story, 40-unit building next door to this one.
Mark, that’s not reassuring to me at all. How many times does the “phase II” (or in many cases, the phase I) never come to fruition? Too often preemptive demolition of Chicago’s historic building stock occurs without there being any replacement, often for many years.
Obviously, the building in question in this case was rather unremarkable, but I still view this as a problem. I sometimes wonder if there should be an ordinance passed that requires proof of financing for a project that replaces a building prior to issuing a demolition permit.
Your point about historic buildings is taken, and I agree that announcing a second phase doesn’t mean that it will necessarily be built. Far from it.
The real question is, do they already have their financing in place for “phase II”? If not, it’s not getting built anytime soon. Banks are simply not making new construction loans right now, unless the developer either puts forth a LOT of cash or a ridiculous number of pre-sales.