“This is certainly one creative solution for filling up the units.”
– Gail Lissner of Appraisal Research Counselors, on news that the non-profit group Thresholds wants to purchase 19 condos at R+D659, 659 W Randolph St, for use as halfway houses for recovering mental-health patients. Looks like Artie will get that condo after all.
Mesirow Financial Real Estate didn’t have any trouble selling off R+D659’s stock of market-rate homes; it’s the building’s affordable housing units that are still empty, says Crain’s. In order to obtain zoning approval, Mesirow set aside 24 units to sell to buyers whose annual income does not exceed the Chicago-area median, but only five of those have sold to date. An ordinance introduced by Mayor Daley proposes the sale of those leftover affordable units at no more than $125,750 apiece, or almost $2.39 million in total.