The ongoing redevelopment of the Chicago’s Cabrini Green neighborhood is taking another step forward as sales kick-off for a new 88-unit townhouse development on the city’s on Near North Side.
Replacing mostly open land and parking lots spread across a four-block area between Division and Oak, east of Larrabee Street, the residences represent the latest phase of Holsten Development’s larger, mixed-income Parkside of Old Town project.
The new townhouses are priced from roughly $450,000 to $790,000 and feature two or three bedrooms in two- and three-story floorplans designed by Chicago-based Landon Bone Baker Architects. The homes will include wood flooring, stainless appliances, and European-style cabinetry.
“City homebuyers are pining for townhomes, especially in desirable areas where single-family homes have gotten fairly pricey,” said developer Peter Holsten in a statement. “Parkside Old Town delivers with moderately priced homes in the heart of the Near North Side.”
Indeed, the local demand for this type of housing was clearly demonstrated several years ago when the 47-unit Basecamp River North townhouse development—located just across the street from Parkside—sold out well before going vertical.
Downtown Chicago’s appetite for townhomes has also spread to the rental side of the market in recent projects such as the Chestnut Row Homes, The Cooper at Southbank, and the block-sized development at 845 W. Madison.
As for Holsten’s latest Near North project, the Parkside of Old Town townhomes are expected to break ground in March 2019 and welcome their first residents later that fall. In the meantime, interested individuals can check out the @properties’ sales center at nearby 576 W. Elm Street.
- As Cabrini disappears, Parkside of Old Town takes its place [Curbed Chicago]
- CHA approves funds for Parkside of Old Town phase 3 [Curbed Chicago]
- Previous Near North Side coverage [Curbed Chicago]
- Parkside of Old Town [website]