As the prolonged round of musical chairs continues in the South Loop, JK Equities is directing renewed development attention to a foreclosed warehouse at 2100 S Indiana. The developer only recently forfeited the nearby site of a huge condo plan, which Golub snatched up following foreclosure. That plan, humbled by the recession, called for 479 units. This one is a bit different. It's a renovation job for starters, and it will involve just 50 units, all rentals. Even at this scale condos are risky, as the site's history proves. Developer Andrius Augunas, missing in action, originally proposed 42 condos for the warehouse with a new 163-condo tower sharing the lot. Foreclosure suits chased him out of town before work was begun.
Crain's reports that JK purchased the building and its vacant lot for $3.6M, with the aid of an unnamed NYC investor. According to JK's website, retail will be accommodated on the ground floor, and the vacant lot will be surface parking instead of a 30-story tower. There is the possibility of a tower in the future, either a hotel or apartment project. For now, the conversion project will cost an estimated $12M and has a 14-month construction schedule. Rents are projected to be $1.82/sf. JK's Jordan Karlik informs Curbed that no new renderings exist, but should arrive shortly. Once again, in the South Loop, simplicity rules.
·Warehouse to walkups? Apartments planned in South Loop [Crain's]
·Official Developer's Site: JK Equities
·Un-Arrested Development [Curbed]