14 August 2009 ? The likely demise of the Spire along with other new construction buildings now being marketed for rent instead of sale continues to contribute to the reduction of Chicago?s housing inventory. Another nail in the Spire?s coffin is the lawsuit filed Thursday by Bank of America against the Shelbourne Development Group for default on loans on the 1194 unit development. This comes on top of substantial liens placed on the “Lien – ing Tower of Chicago.” Peter Holstein, developer of Parkside of Old Town announced he is going forward on construction of rental units in place of the planned condominiums on the land where Cabrini Green low income housing once stood. Centrum development also is converting the Lofts at Roosevelt Collection from condos to rentals, canceling all contracts for sale. This is the third major project the developer has terminated sales on.Email This Post To a Friend.
How to Reduce Condo Supply: Sink the Spire and Convert Condos into Apartments
August 14, 2009
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