Central Station Development Corp. president and chief executive officer B. Timothy Desmond tells GlobeSt.com the one-, two- and three-bedroom condominiums will be priced from the low $200,000 range to mid $500,000 neighborhood. The townhouses will be priced around $650,000, he adds. The developers hope to open a sales center in the fall, Desmond tells GlobeSt.com, and begin construction in spring 2006. Construction is expected to take about 18 months, he says.
The density of the 260-unit portion of the development is 10% to 35% less than allowed under current zoning for the site, which was expanded from 1.6 acres to 3.5 acres to accommodate the 27-story condominium tower and four-story townhouses. The site borders the St. Charles Air Line and Metra railroad tracks to the east and the Prairie Avenue Historic District one block west.
Central Station will ultimately include 2,300 units. The $45-million Prairie Pointe condominium tower, which includes 156 condominiums in a 26-story building as well as five townhouses, is being built at 1600 S. Prairie Ave. by LaGrange-based Gammonley Group.
Further south of Central Station, Dubin Residential already had its proposal for a 60-unit condominium building at 2346-56 S. Wabash Ave. and 62 townhouses at 2301 S. Wabash Ave. endorsed by the plan commission. While the area north of Cermak Road has been the scene of multifamily development, none has occurred to the south, says Terri Haymaker of the department of planning and development. Dubin's development backs up to the historic Motor Row area, as well as the most recent expansion of McCormick Place.
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