Saturday, September 21, 2013

Timed Right? New Condo Building at 1345 S. Wabash Could Benefit From Lack of Competition

We've had a couple posts (January and May 2013) on the new planned rental and condo building that is being proposed by CMK Cos on the 1300 block of Wabash.

While there isn't a ton of new info, Crain's talks about this project being the first "condo" building to be built in the central business district since the real estate bubble popped:
Proposed rental (left) and condo (right) buildings
on the 1300 block of S. Wabash (via Crain's)
Developer Colin Kihnke is forging ahead with the first big downtown condominium since the crash, testing a market for new homes that's still groggy from the housing crisis. 
The developer who starts work on the first significant condo project in the central business district is expected to have a crucial advantage because of a lack of competition from rival proposals. 
In a sign of caution, Mr. Kihnke has pared back his proposal to 140 units, from the 150 units he was considering in August. The building, to be at 1345 S. Wabash Ave., would be 15 stories instead of the 16 stories he had planned, according to a report by the staff of the Chicago Plan Commission, which is scheduled to considering his zoning request for the parcel. 

Sounds like it's progressing, but still no word on when/if they will start construction.

(Hat tip: GM!)

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