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Posts Tagged ‘Condo’

Shelbourn Development scales back its Chicago Spire sales center.

Posted by ChicagoismynewBlog! on May 19, 2010

Not too exciting or surprising news coming from Chicago Breaking News but at least Shelbourne’s doing the smart thing by downsizing their sales center operation to the Shelbourne Development offices at 111 S. Wacker Drive.  During the Spire’s peak in sales, their lease took up the entire 18th floor at NBC tower but for the past nine months, we have seen some legal drama going on when NBC Tower sued Shelbourne in order to evict them from the building.  I’m really curious to find out if anyone is buying in the building still.

Chicago Spire developer scales back on sales office

Published on May 17, 2010 9:52 AM | Submit a comment

Spire-Two-Web.jpg
The developer behind the Chicago Spire closed its posh sales office over the weekend, relocating the marketing arm for the long-stalled project to a much less grand office space nearby.

Shelbourne Development Group, which has been battling the owner of the NBC Tower for nine months, consolidated the sales function into its own office space at 111 S. Wacker. A spokeswoman for Spire developer Garrett Kelleher denied that the move signaled that the project was dead.

“He’s being smart,” the spokeswoman said. “If you’re in a situation where things are slowing down, you need to consolidate and you need to be smart. Clearly the economy has been tough and he’s had to focus on areas of his portfolio that are doing well.”

The sales office in the NBC building, which occupied the entire 18th floor, opened in early 2008 and included touches designed by Spire architect Santiago Calatrava and a built-out model of a Spire condominium.

The owner of the NBC Tower sued Shelbourne to evict the developer last August, charging that the company had not made a rent payment since April. In March, the case was dismissed by agreement, and a $55,082.06 judgment for NBC Tower was voided.

Instead of touring a model unit, potential buyers will see samples of materials and three-dimensional computer models, the spokeswoman said.

The sales office’s closing is likely to cast more doubt on whether the twisting, 2,000-foot-tall skyscraper will ever rise from the circular hole in the ground that now exists alongside 400 N. Lake Shore Drive. Shelbourne has been beset by financial problems since starting the skyline-defining project just as the financial and real estate markets were seizing up.

Shelbourne and Kelleher remain in litigation with Bank of America Corp., which filed suit last August, charging the developer with defaulting on a loan and said it was due $4.9 million. Bank of America said Kelleher personally guaranteed the loan. Kelleher and his company fired back in a countersuit, claiming the lender committed fraud and deception in arranging a loan used to start the building…

Check out the full article by clicking HERE!

Posted in Chicago Spire, News Articles, Real Estate, Streeterville | Tagged: , , , , , , , | Leave a Comment »

NEW LISTING ALERT! 2Bed/2Bath with tons of space in Wicker Park!

Posted by ChicagoismynewBlog! on April 2, 2010

The Fata Shackelford Group at @properties is proud to announce a new listing on its board.  Located at 1227 N. Paulina, this home was built on an extra wide lot so this 2Bed/2Bath has 1,650 square feet.  Thanks to the homeowner’s great taste, this home shows like a model home straight out of a magazine.  Lots of upgrades are included in this home, one example being diagonally cut hardwood flooring, lots of storage space, and lots of light.  Garage parking is also included in the price. 

Priced at $485,000!

Check out this home’s virtual tour for the complete group of photos by clicking HERE!

Posted in @properties, Real Estate, Sales, Wicker Park | Tagged: , , , , | Leave a Comment »

NEW LISTING ALERT! Large 1Bed/1Bath in historic Manhattan building, Printers Row!

Posted by ChicagoismynewBlog! on March 11, 2010

We’ve got a new listing to talk about!  Only 1 day on the MLS and we’re already getting calls about it.  This is a large 1Bed in the historic Manhattan building in Chicago’s Printer’s Row neighborhood, just North of Congress.  Located at  431 S. Dearborn the home features an updated kitchen and bathroom, a great breakfast bar, and even enough space for a dining area.

The home also features hardwood floors throughout, very large windows which are great for letting in tons of sunlight, in-unit laundry, and tons of storage.  The building features a doorman, bike room, and extra storage space.  This home’s location is perfect!  You’re a short walk away from all there is in the Loop, the El stops, Grant Park, and all of the restaurants and shops in Printers Row and State Street!  Priced at $209,000!

Check out a couple of the pictures and for the full virtual tour, click HERE!

 If you or someone you know are looking to buy, sell, or rent a home, don’t hesitate to contact me.  Email me at jeffstewart@atproperties.com.

Posted in Listings, Printers Row, Real Estate, Sales, The Loop | Tagged: , , , , , , , , | Leave a Comment »

Story of the 2009 Market. Lincoln Park 2520 Scaled Down by a Third.

Posted by ChicagoismynewBlog! on December 24, 2009

Proposed Lincoln Park condo project scaled down

By Thomas A. Corfman, July 22, 2009

(Crain’s) — Developers of a proposed luxury condominium complex overlooking Lincoln Park are slashing the number of units by nearly a third in a bid to break through the locked-up market for large construction loans.

Ricker-Murphy Development LLC told buyers last week that the number of units would be cut by a nearly a third, to 198 from the 292 previously proposed, in Lincoln Park 2520, a three-building complex proposed for the site of the demolished Columbus Hospital, 2520 N. Lakeview Ave.

As a result, developers plan to lop off eight stories from the tallest building, reducing the height to 33 stories from the 41 stories previously proposed.

“Our opportunity to reduce the scale we believe will actually make us more attractive for not only construction financing, but also more attractive for the buyers” who want a smaller project, says John Murphy, a co-principal in Ricker-Murphy, whose joint-venture partner is the General Electric Co. pension fund.

Although the building will be shorter, the changes would not affect the design by Chicago architect Lucien Lagrange.

But even at a reduced size, the project would likely require a construction loan of more than $200 million to complete. As a result, the venture plans to start work without a loan on the foundation, which alone could take 12 months to finish. A smaller building still could be completed by late 2011, as required by the current contracts with homebuyers.

The shift in strategy comes as Ricker-Murphy faces an Aug. 15 maturity date on a $28.75-million loan on the site held by Bank of America, property records show. Mr. Murphy says talks are already under way for an extension of the loan.

B of A executives could not immediately be reached for comment, a spokeswoman says.

Ricker-Murphy and the GE pension fund are taking an aggressive approach to challenges facing many residential developers, who have instead opted to put their projects on hold.

“The cheapest thing to do is to sit and wait it out,” says developer Harry Huzenis, a principal in Chicago-based Jameson Development LLC. “The type of buyer they have will be there when the market is better.”

With asking prices of $885 a square foot, the project has not been immune from the broad downturn in the condo market, despite its premium location. Sales have stalled at about 50% of the units, a level that was once more than enough to obtain a construction loan. But lenders have become fearful of new condo projects because of deep concerns about weak demand and the glut of units already being built.

By reducing the number of units, the percentage of condos under contract would increase to 74%, from about 50%, assuming the number of buyers does not change, Mr. Murphy says. Reducing the number of units eliminates 29 condos that are already under contract, giving those buyers the chance to walk away and possibly washing out any advantage to the developers….

Check out the full ChicagoRealEstateDaily.com article by clicking HERE!

Old Lincoln Park 2520 Rendering.

Posted in Construction, Lincoln Park, News Articles, Proposed Developments | Tagged: , , , , | 2 Comments »