In its June 15 edition, Crain's Chicago Business reports that Centrum Properties, the lead developer of the 12-acre Roosevelt Collection at Roosevelt Road and Wells, is "preparing to tear up contracts with condo buyers" and convert the 342-unit Lofts at Roosevelt Collection into an apartment building.
Crain's says a source familiar with the matter says the decision ultimately rests with a group of six lenders and that "the deal isn't done and might not materialize.
"Such a switch would portend a larger shift as a downtown condo glut turns into an apartment glut," the publication states.
According to Crain's, Roosevelt Collection is one of eight new condo buildings to be delivered this year in the South Loop. As other projects approach their delivery dates, it adds, "there's a good chance more will convert."
The seven other conversion candidates on Crain's list are Astoria Tower at 8 E. 9th; Coliseum Park at 1440 S. Wabash; 1600 Museum Park at 1629 S. Prairie; Museum Park Place South at 1901 S. Calumet; Terrazio at 1935 S. Wabash; Lexington Park at 2138 S. Indiana; and 1555 S. Wabash.
Tuesday, June 16, 2009
South Loop Units Being Coverted To Rentals?
Subscribe to:
Post Comments (Atom)
1 comment:
I purchased a condo in March of 2007 at Lexington Park. At one point this spring I received a letter giving me a specific window of time for my closing. After that, no word of when I might move in. When I visited the sales office, there were no longer any flyers from lenders as there had been before. The sales people say they have no idea when we will close. I am wondering how long all of us current contract holders will have to wait to move in and if we will be hearing down the line that the building will become rental apartments!
Post a Comment