“If you’re really set on buying a unit, you probably could,” says Olin Eargle from Real Living Helios Rentals, but most of the homes that have not already been sold in the Chess Lofts are currently for rent. Eargle says 53 lofts are currently for rent in the 119-unit building at 320 E 21st St in the South Loop.
I ended up calling Eargle in the rental department of Helios today after finding that the phone at the Chess Lofts sales center had been disconnected. My attempts to reach developer William Warman were similarly unsuccessful, and the folks at Garrison Partners Consulting, which had previously been marketing the development, informed me that they’re no longer working with the project. So I searched Craigslist for rental units and promptly found a Helios ad.
If, as Eargle says, you’re really set on buying a unit, there are three lofts listed for sale on the MLS by Wabash Properties, the developer of South Loop and Chinatown projects like 1349 South Wabash Private Residences and Canal Crossing. There are two one-bedroom / one-baths priced in the $240s and $330s, and one two-bedroom / two-bath priced in the $380s. “Developer is offering Lease to own packages,” the listings say. “Pls call for details.” Calls to Wabash Properties regarding these homes and its other projects were not returned.
Mark, this is unconfirmed, but what I am hearing from my sources:
A) The building PD for the conversion was actually a PD for two projects: Chess Lofts and Arisocrat Tower (also changed at one time to HomChicago). Both were developed under Mr. Warman’s arm Province development after he dumped the Legacy name (had a string of problem buildings not withstanding).
Arisocrat was supposed to provide some parking as part of FAR Bonus calculations for the Chess Lofts building, so I am curious how many spots actually got built in Chess, considering on my next point, Aristocrat will not get built.
B) Financial Issues with Aristocrat – project has never got any traction and I have heard discussion around some serious financial problems about to be disclosed. Keep your eye out for public notices.
As a potential buyer in the building, what would concern me is the Assessment nut that the developer is going to have to carry on the unsold units (assuming they are getting close to the two year turnover period). Is the developer really able to carry that cost?
I’d be surprised if the rental amounts will come anywhere close to covering holding costs.
I hope the potential buyers research William Warman, developer of 1717 S Prairie, which is an absolute mess. Read on. Is it surprising this man is having financial issues?
http://cribchatter.com/?p=5314
Developer stung by condo gripes
http://www.chicagojournal.com/main.asp?SectionID=1&SubSectionID=60&ArticleID=5416&TM=43189.16
Condo board dukes it out with developers
I’d recommend that people read the articles all the way through – and then follow up and ask about the outcome of any lawsuit.
The allegations always seem to be reported, and then never followed up as to the outcome.
I find it ironic that a CribChatter commenter is concerned about developer lawlessness but not at all concerned about violating the Near West Gazette’s copyrights by pasting an entire article into a comment.
Sad on 1717, because the building views are quite nice, the lobby and meeting rooms are great, you have a dog walk, some of the unit layouts are very good, and the building has some nice character. Now if the developer would just fix the windows that were not installed right. There are some heavy hitters involved behind the scenes in the former Legacy projects. John Kass would have a field day with this.
This developer took my deposit, never scheduled a closing date and then disappeared with my money
Does anyone know where to have this developer served with papers? Last October, I tried to have Chess Lofts LLC served at their downtown location (27 E Monroe, suite 1400),but they had moved. My deposit was on the Chess Lofts. Now, I spend much of my time out of Chicago. Thanks.
Lois,
Your attorney should know how to proceed.
If all else fails and the proper legal steps are followed you can avail yourelf o service by publication.
Who’s holding the earnest money?
Joe, I thank you for responding. My attorney AND me were able to get my earnest money, it’s my deposit plus interest that has not been returned. My attorney was unwilling to go after them for my deposit and suggested that I have them served. Per my earlier post, when I visited Chicago late October I had them served, via Clerk’s office but they had moved.