It’s taken long enough, but the vacant Lexington Park Condominiums tower in the South Loop is finally converting to a rental building.
Crain’s says the first of the tower’s 333 units will hit the market within the next three months, with move-ins expected by late summer. One-bedroom apartments are expected to rent for $1,300 to $1,600 a month, and two-bedrooms for $1,700 to $2,100.
The 35-story tower, located at 2138 S Indiana Ave, has been finished for a year and a half, but sat empty after the Chieftain Group gave it up in a deed-in-lieu of foreclosure. ST Residential took over the building in May, eventually canceled all pending sales (55% of the tower’s condos had been under contract), and hinted at a shift toward rentals.
The delay between purchase and conversion may have been related to a flood in the tower two winters ago — in August, a reader with inside knowledge said the mechanical systems, electrical systems, drywall, and interior finishes already installed in the building were heavily damaged and would have to be replaced before opening.
(Thanks to Wilson for the link.)