As work starts on a boutique River North condo project at the intersection of Superior and Sedgwick streets, a second, larger development at Huron and Orleans has stalled out around the corner.
On Tuesday, construction officially got underway on the new condominium building known as Superior House, developer Ascend Real Estate Group announced. Designed by FitzGerald Associates Architects, the 12-story development replaces a pair of demolished low-rise commercial buildings at the northeast corner of Sedgwick and Superior.
The new structure is expected to open next spring, and roughly half of its 34 two- to four-bedroom residences are already under contract, according to the marketing agents with @properties. The remaining units are priced from about $1 million to $3.5 million.
Chicago’s downtown condominium market has been slow to recover following the Great Recession and hasn’t come close to keeping pace with the city’s rental boom. Although the recent return of boutique projects like The Benthem, Three Sixty West, and Renelle on the River is an encouraging sign, not every new development is so lucky.
Just one block to the southeast of Superior House, a condo proposal slated for the corner of Huron and Orleans will go no further. JFJ Development’s plans for a 24-story, 71-unit building known by the address of 312 W. Huron fell through, Crain’s reported on Friday.
The site—currently serving as a surface parking lot—recently sold to a venture of North Wells Capital, according to the publication. Its new owners have yet to reveal their future plans for the underutilized downtown property.