Historical Building Still in Renovation Limbo

January 14, 2010

Daily Real Estate Updates

sudler-sothebys-logo14 January 2010 ? The Jazz Age building, located at 188 W. Randolph has been hidden behind nets and scaffolding for so long now that many have forgotten the beauty of its elaborate facade. Village Green, an apartment developer, purchased the property out of bankruptcy in 2005 for $10 million and have since made some preliminary repairs and erected the scaffolding to protect pedestrians. The $140 million project was halted when banks pulled out of the deal in late 2008. The developer is now looking for public financing to restart the renovation and convert the office building to 310 apartments with commercial space on the lower level. Village Green plans to occupy the commercial space with its Chicago regional office, and 20% of the apartments would be set aside at below-market rents available to families earning 50% or less of the City’s median income. Village Green has requested the Illinois Housing Development Authority to issue tax-free bonds on its behalf, and the City Council is considering re-establishing a TIF district that had previously lapsed.

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About Stacy Braack

Stacy is a seasoned real estate professional with a broad range of hands-on experience including first time buyers, investors, luxury homes, and distressed properties. While this may appear to be a scattered set of expertise, she believes the experience provides maximum effectiveness in today’s chaotic market, which requires extensive knowledge of all aspects of the industry. Stacy’s educational background includes a BS in Industrial Engineering from Stanford University and an MBA in Marketing and Finance from the Kellogg Graduate School of Management. Professionally, Stacy has done everything from operations consulting to city government before she found her passion in real estate almost eleven years ago. It is this passion that drives the most benefit to her buyers and sellers. She is fully committed to your goals – both financial and personal. Her clients describe her as extremely direct, honest, and responsive, and they repeatedly trust her to handle one of the biggest events in their lives. For buyers she works non-stop to find you both a home you will love to live in and one that is a smart investment. Many of her 2008 buyers have realized instant equity in their new homes through ‘pit bull’ negotiation skills. While the market has been tough for sellers, her listings have sold at a rate above that of the market. Extensive, constant, and extremely high-quality marketing, including both print and internet mediums, support every listing, from investment studios to luxury penthouses. She believes that your goals are her priority and her full-time job. She has built her business on referrals from satisfied clients, and she would love to add you to that list. You can contact her at 773-405-4431 or stacy.braack@sothebysrealty.com

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