We’ve been wondering what were the topics of conversation around the dinnertable at Thanksgiving at the Gouletas family home. The elder Nicholas Gouletas is of course the founder of the mega-development company American Invsco, which his son Nick broke away from over a year ago to form his own company, NVG Residential.
Before tucking into the turkey did Nick Gouletas Jr. give thanks to the real estate gods for delivering him two former rental highrise buildings in white-hot Lincoln Park locations which he has turned into the stunningly successful condo conversions 2000 N Lincoln Park West (see picture) and Clark Place Private Residences (2625 N Clark St)?
Or is Lincoln Park a taboo topic around the dinner table?
There is still no word on the fate of the elder Nicholas Gouletas’ proposed Lakeview on Lincoln Park, the ultra-luxury highrise planned for the old Columbus Hospital site at 2520 N Lakeview Ave., which first had to be downsized to 200 units and a collection of “city mansions” following complaints from residents, and now is dogged by rumors that the project can’t attract the necessary financing. We asked American Invsco about the project this week and were told company execs were currently “in meetings” about it, but didn’t get any further details.
Observers of the project say off the record that if it goes ahead, they wonder how American Invsco could command the million dollar prices it wants at Lakeview when there is so much competition from the burgeoning luxury highrise market downtown.
Meanwhile, the younger Gouletas hopes to continue working in L.P. He tells us he has expressed interest in buying another of the few remaining highrises in L.P. but the buildings’ owners are content to sit on them for now and watch them appreciate. That’s probably bad news for future home buyers, who are likely to see steep price rises in condos.
We wonder if the elder Gouletas said a Thanksgiving prayer to Mother Cabrini, the Roman Catholic saint, a statue of whom would remain on the Columbus Hospital site as part of the conditions of the development. We wait and watch for a miracle after the company holds its meetings later this week and next week.