A joint venture of Foxford Construction and Kilkee Builders has closed on the purchase of a large parking lot at Green and Jackson where they hope to erect five eight-unit condo buildings, reports Crain's. This scale ranks it among the larger condo starts since the recession. With nothing smaller than a three-bed and nothing cheaper than $579K, the plan is to court families. As Foxford's Patrick O'Flaherty assures Crain's, "The time is right for those types of units. That part of town is the hottest in the city." This endeavor is just being launched and the city will have to approve a rezoning along with the plan itself. In grouping the condos in several small buildings, the venture has made it easier to conduct construction in phases and, presumably, dock the ship if financing gets messy. It's a similar approach to that of Michigan Avenue Real Estate in their scattered-site, multi-building West Loop apartment ambitions. If approved, the development would accompany a sea of new rentals.
·Developers propose 40 condos in West Loop [Crain's]
·Developers Line Up Three More Apartment Plans For West Loop [Curbed Chicago]