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$45M Condo Project Planned for Madison Street

CHICAGO-The developers of 355 multifamily units on the Near West Side plan to build 156 condominiums, 20% of the units to be sold at "affordable" prices, at the northwest corner of Madison Street and Racine Avenue.

By Mark Ruda | Updated on November 12, 2002

CHICAGO-Market conditions permitting, a 156-unit condominium building with first-floor retail space at 1200-12 W. Madison St. will be ready for more new residents of the growing Near West Side in the spring of 2005. The $45-million project got a boost from the city’s community development commission Tuesday when it approved an $800,000 write-down of a 0.9-acre, L-shaped, city-owned site at the northwest corner of Madison Street and Racine Avenue.

Madison-Racine, LLC, a venture between Thrush Co.’s real estate and construction companies, will get the city-owned property for a minimum bid of $3.1 million. The city set that floor assuming the parcel, which was appraised at $3.9 million, would eventually see 20 new affordable units.

However, Madison-Racine, LLC is setting aside 32 units—20% of the project—to buyers paying prices deemed affordable by the city’s department of housing. While market rates for the one-, two- and three-bedroom units in the seven-story building will range from $233,000 to $404,000, the affordable units will be priced from $95,000 to $220,000.

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