Although luxury apartments seem to still be dominating downtown Chicago’s development headlines, reports are now surfacing about two boutique condo buildings possibly in the works for 366 W. Superior and 365-366 W. Erie in River North.
As first reported by Crain’s, Chicago-based Belgravia Group has already acquired each property from the city for $8.66 million, and unlike many developers in the River North neighborhood who are still banking on the red hot rental market, those at Belgravia believe the condo market is about to make a strong comeback.
With nearly 3,000 apartment units having just been completed this year or currently under construction, the demand for new condos is overwhelmingly greater at this point—and that’s not even considering the plethora of new construction rentals that have been developed in all the surrounding downtown neighborhoods as well.
As of now, Belgravia can already built two 40-unit buildings under current zoning, although according to reports, they may consider getting a zoning change that would allow for taller, thinner buildings with more units.
Nothing has been made official, but early indications are that condos at the new 366 W. Superior and 365-366 W. Erie developments could be in the $700,000 to $1.1 million price range.
By: Terri McAuleyChicago Condos for Sale
“Chicago’s Luxury Condo Specialist”