Picture this: You just bought a spiffy downtown condo in a building geared towards young trendy types, and two years later the developer sells a block of unsold condos to a mental health nonprofit, converting the units into a halfway house for recovering mental-health patients. "It's obviously not a selling point," Ami Bumia, a residential broker who lives in R+D659, told Crain's. We've seen condo developers try a variety of tricks to unload unsold condos, including price reductions, offering them as rentals and auctioning them off, but this is the first foray into mental health territory that we know of. The City Council is mulling whether to allow developer Mesirow Financial to sell 19 units to a mental health nonprofit called Thresholds, which would in turn rent them out to its clients, according to the Crain's story. "The plan has the key ingredients for a not-in-my-backyard melodrama," writes Crain's reporter Alby Gallun. Yes, it does, but it still beats that awful "Stimulate on this" slogan the @properties folks have been using to try to sell those condos.
· Mental health non-profit wants to buy Mesirow condos [Crain's]