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Condo Developers Cross St. Clair Street With 316-Unit Play

CHICAGO-Sutherland Pearsall Development gets a plan commission endorsement for a 38-story, 316-unit building at 535 St. Clair St., where unit prices will average $500 per sf.

By Mark Ruda | Updated on October 21, 2005

(To read more on the multifamily market, click here.)

CHICAGO-With pre-sales of a 112-unit building at 550 N. St. Clair St. hitting the 70% mark, developer Mark Sutherland is able to look across the street for his next project. Sutherland Pearsall Development’s plans for a 38-story, 316-unit building at 535 St. Clair St., 47% larger than allowed under existing zoning, were endorsed by the plan commission.

Units will range from 600-sf studios in the “mid” $200,000 range, Sutherland tells GlobeSt.com, to 1,800-sf penthouses in the $1-million neighborhood. The lender for the project across the street has expressed interest in financing the second phase of Sutherland Pearsall Development’s makeover of the block running from Grand Avenue to Ohio Street, he adds.

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