“It will be on the short list that breaks ground this year. It will be a short list, a very short list.”
– Appraisal Research Counselors Vice President Gail Lissner, on the announcement that Sedgwick Properties Development has obtained a $50 million construction loan for Terrazio, a new condo development planned for 1935 S Wabash Ave in the South Loop.
Approximately 80 of Terrazio’s 180 units have sold over the past year, according to Crain’s. That’s slightly higher than the 40-percent sales mark Patrick reported in March. At last check, Sedgwick was selling Terrazio’s one-bedrooms in the $180s to $240s, two-bedroom condos in the $260s to $390s, and three-bedrooms in the $390s to $430s. Parking starts at $35,000.
Crain’s says foundation work began last week, and developers expect the building to be completed by next fall.
We’ve all spent a good chunk of time talking about projects that won’t make it off the ground, but let’s look at Lissner’s comment and take a different approach. Which developments will make that short list and break ground this year? Does this news bode well for projects like Glashaus, another South Loop project that’s aiming for 2009 deliveries? What about The Huron, which is supposed to break ground this fall despite having sold only 9 of its 47 condos? Cast aside your aesthetic preferences for a second and tell us which announced projects you expect to see up close someday.