Evanston Insider

A probable result of the slowing condo market is the delay of a new condo complex that was slated to begin work by March 5th. The Daily Northwestern reported that the Evanston City Council approved a request to push back the start of the Central Street project, Eastwood of Evanston, for as long as 13 months.

Normally a developer must begin construction work on a project within a year of getting a building permit. But developer Robert Horne wasn’t certain that he could garner enough sales for his project by the original deadline. Located at 1700-1722 Central Street, the complex will contain 47 units plus retail space.

A few stipulations were attached to the extension that was granted. Horne must put up a construction fence and keep the site maintained effective from 15 days after the new construction date of May 1st in 2009. Mr. Horne countered that he might need another 30 days past May 15th to secure enough sales to warrant actually starting construction on the project. The committee agreed to revisit the issue in May of 2009 and act accordingly with their findings.

This situation is a typical example of the problems facing developers today, especially developers in smaller communities, but also those who build larger Chicago Homes. The weaker market conditions make it more difficult for developers to sell the magic 50 percent of units to gain financing, and lenders are sometimes even requiring that more than half the units be contracted before they will sign on to fund the project.

Technorati Tags: Eastwood of Evanston, Evanston Illinois, Chicago Real Estate

If you happen to walk down Davis Street and you’re in the market to rent or buy a new condo, you might want to stop in at Sherman Plaza. The 25 story high-rise is a mixed-use development that sits right in the downtown section of Evanston. This project is currently one of the largest of its kind in suburban Chicago. At 25 stories, 253 condo units and 152,000 square feet of retail space, Sherman Plaza is one of the highlights of town.

Focus Development put $185 million into this project and it shows. It stretches almost a whole block and is close to everything that you’d need in town. Leave your car at home and walk to the library, eat at one of the great restaurants, take in some of the local shops and just enjoy life in the suburbs. The tower has its own spa, health club, basketball court and swimming pool, so recreation and relaxation is just a few steps from the door.

Depending on the floor plan, units come with hardwood kitchen cabinets in maple or cherry, hardwood flooring, full stainless steel appliance package, separate dining and living rooms plus private patios. The condos at Sherman Plaza can hold their own with the best Chicago Condos on the market right now. There are units available for rent if you aren’t ready to buy just yet, so you can still enjoy living in this brand new building without having to make a long term commitment.

Technorati Tags: Sherman Plaza, Evanston Illinois, Chicago Real Estate

There could be three new future condo units renovated and classified as affordable housing. The Evanston City Council was set to vote on whether or not to fund a grant request to convert a building that sits on 241 Callan Avenue into five condo units, three of which would be offered and sold at a reduced price in exchange for the funding requested.

A sum of $300,000 was asked for by the Economic Development Committee to help pay for the project, according to The Daily Northwestern. The money would defray construction and renovation costs and allow three of the condos to be priced about $100,000 lower than they normally would be. The reduced price for the condos would be around $185,000. To qualify for the lower price, a buyer’s annual income would have to be at or below 80 percent of the average area income. A counter offer of $250,000 was recommended by the Housing Commission, but there was opposition to that amount by other city leaders.

Evanston could benefit from the addition of affordable units, but we’ll have to wait and see if the grant is approved or not for this project. On the other end of the scale, the condos at
565 Quincy in Chicago are more expensive but feature some great luxury details and finishes.

Technorati Tags: 241 Callan Avenue, Evanston Illinois, Chicago Real Estate