The "Soul of Murray Humphries" alerted us to these 2 articles discussing the recent development change of a property in the 46th Ward section of Lakeview. A 28 story high-rise had been planned but now, in cooperation with Ald. Shiller, the project will be scaled back to 4 townhomes ranging in price from $3.2 to $3.6 Million. Yikes.From the Sun-Times-
CUT DOWN TO SIZE: You know the housing market is bad when it comes to this: A developer who had approval to build a 28-story building on North Side property near the lake is opting instead to go smaller. James Letchinger, president of JDL Development Corp., will build just four townhomes on an empty lot at 541 W. Cornelia.
Letchinger said he made the switch in cooperation with Ald. Helen Shiller (46th) because the market has been sour and the site poses construction challenges for a high-rise. "The upside for us is far less, but it's still a profitable deal, and it reduces the risk," he said.
The four homes will be marketed at about $3.2 million to $3.6 million. Letchinger said the property cost him $4 million a couple years ago.
Read the Chicago Tribune's spin on this latest development.
Wow this amazes me....someone got a hold of Helen Shiller? Directly? Wow! Forget about the housing, this guy is my hero.
ReplyDeleteI know a lot of people with 3.2-3.6 million dollars are looking in Uptown. Just the other day I was out riding in my rolls and thought..wow those gang bangers would make a perfect edition to my 3.6 million dollar townhouse.
Rumor has it the cost was only 1.5 million but he subcontracted it through Wilson Yard Developers.
*sigh*
ReplyDeleteI won't sleep well tonight. The tragic loss of what could(http://www.541cornelia.com/gallery.html) have been a lovely home to one of my peers will now be a 4 floor mansion to one my bosses.
At least my bosses trip the yacht club will be shorter.
Belmont Harbor Neighbors is all over this matter. Nice details.
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Shiller may be Uptown's alderman but this real estate story involves property on her ward's southern border in Lake View East (Cornelia is 3500N). Million dollar townhomes would be right at home in that neighborhood.
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