Sales update: 14 "Kinetic Condos" available from Rainbo Village's first phase

Kinetic Condos at Rainbo Village, 4841 - 4846 N Clark St, ChicagoWe learned in early August that Jameson Real Estate was handling sales at Rainbo Village, Metropolitan Development’s multi-phased condo and townhouse project at 4814 – 4846 N Clark St in Uptown. At that time, the number of available homes was still unclear, as Metropolitan and Jameson seemed to be in the middle of hammering out their marketing strategies and price adjustments.

According to agent Warren Merz, Jameson is focusing solely on selling the 14 Pappageorge / Haymes-designed “Kinetic Condos” in Rainbo Village’s southern mid-rise. (These soft-loft-style homes were originally marketed as the “Kinetic Lofts.”) Metropolitan built a similar mid-rise to the north and “has a couple of proposals in the works” for its homes, but wants to sell the rest of the southern building’s stock before moving forward with those plans, Merz says.

The 14 homes currently for sale include four one-bedrooms with 824 to 904 square feet, priced from the $220s to the $240s, and 10 two-bedroom / two-baths with 1,170 to 1,489 square feet, priced from the $310s to the $420s. All but one two-bedroom on the building’s fifth floor have been built out.

Metropolitan is no longer offering the old Urbanest furniture-discount incentive Patrick wrote about last winter, but the next five people who buy a unit do get a free spot in Rainbo Village’s heated garage, Merz says. (Parking typically runs $27,000 per space.)

Rainbo Village was set to have a row of townhouses immediately to the west of the two mid-rises. Not surprisingly, the market downturn has put that phase on hold, according to Merz.

None of the project’s retail spaces fronting Clark Street have tenants, he says.

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