Some say that Related Midwest’s new partnership to improve three failed South Loop condo projects are a gamble – but president Curt Bailey says he believes the playing field is starting to level off. He announced Monday that he plans to renovate and sell about 500 condominium units in the buildings at 1201 S. Prairie Ave., 1629 S. Prairie Ave. and 1901 S. Calumet Ave.
He says his company plans on spending more than $2 million to renovate the properties, including about 300 “raw” units. “We’re going to make them look different than anything else in the South Loop,” Bailey says. “I’m a big believer in this submarket.”You still hear bad things about our real estate 'submarket', but it seems like some of the big boys are still interested. This is good news and hopefully a sign of things to come. Only time will tell.
How do you feel about the current state of the South Loop real estate market?
(Hat tip: JJ!)