West Loop Developers Get Creative After Inventory Sells Out in One Weekend

Posted by Helaine Cohen on Thursday, March 19th, 2020 at 2:15pm.

The Belgravia Group recently launched sales for their much anticipated, CA6 property containing 72 total units. As originally designed, the building was to have 67 condo units that were under 2400 sq. ft. and 5 units being 3150 sq. ft. The larger condos were priced from $1.63 million, while the smaller ones started at just under $826,000.

The first weekend the condos were offered for sale, all 5 of the larger units went under contract and according to the developer, there were at least a dozen other buyers interested in purchasing one. The demand prompted architects, Sullivan Goulette & Wilson, to immediately redesign the top of the building turning 7 of the smaller units into larger, more expensive duplexes. The total amount of units, 72 remained the same. Amazingly, this same exact thing happened a month earlier with another West Loop development, Peoria Green. where the developer had to reconfigure the project to create more units in the $3 million price range.

According to Belgravia, who knows the West Loop very well, the demand for larger condos and the higher prices tags they command are coming from young families who want to stay in the West Loop instead of moving to the suburbs. The re-design was fairly seamless, with the architects adding a second level to those seven units. The building was originally designed to have 5 seventh-floor units that reached the eighth-floor level, but with the pivot to accommodate the demand for larger units, it will now contain 12.

The groundbreaking and construction on CA6 is expected to begin this fall.

Helaine Cohen, Chicago Real Estate Broker

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