In Chicago’s North Center neighborhood, a new four-story development is preparing to bring a collection of three-bedroom condos to the corner of Lincoln Avenue and Grace Street—the site of a demolished drive-through bank.
Officially known as Grace Pointe, the project from developer/contractor Barrett Homes and architect 360 Design Studio LLC calls for 15 residences above ground-floor retail and garage parking for 17 vehicles. Despite minimal marketing, just four units are still available, according to Jeff Lowe of Compass’s Lowe Group.
“I think the project’s sold exceptionally well because we’re offering large floorplans in an elevator building in the $600,000 to $700,00 price range,” Lowe told Curbed Chicago “We’re in a great school district, but also attracting empty nesters who want to stay in the neighborhood.”
Being on the corner also helps, allowing units to get more sun compared to a typical and narrow Chicago lot, added Lowe. Construction on Grace Pointe begin last summer and is on pace to wrap-up in September or October of this year.
Although rental developments have been the driving force behind most of Chicago’s recent construction, projects like this show that condos are making a comeback—at least at certain locations and price points.