At Chicago’s 5th Ward meeting that occurred earlier in the week, developer Carlton Knight’s presence was noted. He was there to propose the first condominium construction project in South Shore since the unsuccessful FJF Development proposition over a decade ago. The 2006 project, which began as a dazzling 30-story condo, shrunk to 19, and then petered out completely.
In an attempt to recoup some of their $3.4 million investment, FJF is now asking for $529,000.
This area is similar to many of Chicago’s most popular neighborhoods, where rental buildings have surged the past two years, and some condominiums converted to rental units. Thus Knight’s plan to create a building that offers ownership may breathe new life into the South Shore area.
South Shore itself is anticipating a makeover, with plans to renovate the South Shore golf course, and the eventual addition of the Obama Presidential Center.
While momentum is gaining, Knight noted that even after the deal is finalized, it would take about one and a half years to build the new seven-story condominium. It’s certainly worth keeping an eye on for the real estate community at large.