A zombie development at 2478 N Clybourn originally comprised of 27 condos has received a $1.9M permit dated for interior rehab. Cedar Street Co. purchased the defaulted construction loan on the property in April 2012 with a stated intent to finish it as rentals. Going by the name Clybourn Commons No. 2500 Flats, we see no indication that the plan for rental conversion has changed, but we also see no delivery date. What has changed is the market— perceived as unfavorable for residential development at such a fringe site two years ago, but less so today. Still, as YoChicago observed in June, progress has flatlined on other hyped Cedar Street projects and may continue to happen with this. (h/t: Mike) [No. 2500 Flats, previously]
Filed under:
Loading comments...