From Appraisal Research Counselors‘ 4Q 2009 Downtown Chicago Residential Benchmark Report:
Nearly every building which has been recently constructed has already started condo sale closings, thus limiting the opportunities for changing exit strategies.
All of the buildings which were completed in 2009 or are being completed in 2010 have started closings except Mondial, Lexington Park-tower section, Trio Phase 3, Terrazio, and Walton on the Park. Thus, these are the only buildings in the Downtown market that exhibit the potential to convert entirely to rental, if desired by the developer.
Terrazio is due to start closings in February with Walton on the Park starting closings in the spring; however, the ultimate plans for the other buildings are less clear.
Here’s what we know:
- Neither the Trio tower nor Lexington Park’s loft and tower phases have any presence on the MLS anymore, and neither development has a Web site. (Trio is still mentioned on Jameson’s new developments page, while Lexington Park shows up on Chieftain Group’s site under a “Lexington Park Condomeniums” banner.)
- Lexington Park’s lender, Corus Bank, was seized by the FDIC last year, a process that may be bogging down any decisions about the project’s future.
- Jameson has been advertising homes for rent at Trio, but does not offer any information about pricing or availability online. “The Real Estate Group” continues to blitz Craigslist with ads for units to rent, however.
- A dozen homes at Mondial (pictured)are still listed from the $230s to $640s, and signs point to the developer being open to renting out units.