"This represents one of the first new condominium developments in Austin," says Marty McCarthy, project manager for GenOne Group, which will pay the city $370,000 for lots at 5843, 5907-09 and 5937-45 W. Corcoran Ave. The land sale, at fair market value, was recently endorsed by the community development commission.
"I'm very pleased to have a developer willing to risk its own money on a project of this sort," says 29th Ward Alderman Isaac Carothers. GenOne Group, a partnership that includes Brad Anthony and David Doig, is seeking no financial assistance from the city for its $4.2-million project.
GenOne Group will build four six-unit buildings on each of the two larger lots and a three-unit building on the lot furthest east. The two- and three-bedroom units will be priced from $200,000 to $230,000, average 1,350 sf and include one parking space.
Condos have sold very well in Oak Park, Doig notes, where price appreciation of 88% over the last five years makes it one of the hottest areas in the Chicago market. "A lot of people are being priced out," he adds.
GenOne Group, which aims to do residential and redevelopment projects in "up-and-coming" areas, hopes to begin construction this spring.
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