Terra Firma Co. is planning a four-story condo building in the historic core of Lincoln Square, overlooking the central pedestrian mall and fountain. Fountain View Lincoln Square, 2326 W Giddings St, will have 18 condos and between two and four retail spaces on the ground level, according to Terra Firma principal Bradley Leibov.
It wasn’t easy to score this prime piece of land, Leibov says. The store that occupies the site, Martin’s Big and Tall (now closed) has been owned by the Kraus family since the early ’50s. Several years ago they were ready to sell the store (another location, in Villa Park, is still open) but were loathe to let go of such a valuable property, says Jason Kraus, grandson of the original owner, Martin Kraus.
Liebov’s solution was to partner with the Kraus family, bringing them in as investors. He even hired Jason Kraus as an associate at Terra Firma. “I think we found that happy middle ground where we’re able to manage our respective risk,” Leibov says.
Terra Firma’s next hurdle was to convince the community that the new building could fit in with the historic character of Lincoln Square. The design, by Worn Jerabek Architects, employs brick, Prairie-style stone accents and a strong rectangular cornice on the southwestern corner. Parking will be underground – a decision driven by aesthetic considerations, Leibov says.
Terra Firma is also seeking LEED Certification for the project. Fountain View’s green features include a green roof, Energy Star-rated appliances and sustainable finishes including bamboo floors.
A yearlong community approval process won over the locals, according to Leibov. “There is overwhelming community support for this project,” he says.
Two buyers are business owners on the street, according to Monique Sandberg of Prudential Preferred Properties, which is marketing the project. Fountain View has been on the market for about a month, she adds, and in that time 10 of the building’s 18 units have sold.
The top floor at Fountain View is sold out. Prices on the remaining two- and three-bedroom units on the floors below range from the $470s to the $530s Deeded parking spaces with storage lockers are available for $30,000 to $45,000.