We hear plenty of assurances from developers that things are going smoothly in today’s market. But when pressed to back their claims, many of those developers fall silent. Not Brian Giles of Kargil Development and Frankel & Giles. In the August issue of New Homes, Giles says things are going just swimmingly at his companies’ two South Loop projects, Prairie District Lofts and X/O Condominiums.
“I have the numbers right here, so I can tell you that as of today, we’ve sold 72 of the 116 units at Prairie District Lofts, and we’re averaging about a sale a week these days,” Giles said in late July.
Prairie District Lofts, one of two developments Frankel & Giles is marketing in the South Loop, is one of the neighborhoods last “true loft” projects, Giles says. The timber and concrete lofts are inside a 103-year-old brick building in the 1700 block of South Indiana Avenue. The building was home to a commercial photography company before being converted into rental apartments; Kargil spent $36 million transforming those units into one- to three-bedroom condominiums.
The lofts range in price from the $200s for a one-bedroom/one-bath, single-story unit to the $520s for a three-bedroom/four-bath duplex. Each home has exposed brick walls, timber or concrete elements per plan, fireplaces, hardwood floors, and ceiling heights of 12 to 20 feet. Features in upgraded homes include GE stainless-steel appliances, granite countertops, Grohe chrome fixtures and 42-inch Cardell cabinets.
Some as-is units are available for immediate delivery. Buyers who desire upgraded units can be in their homes within eight weeks.