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Developers Eye Smaller Units for $70M Condo Tower

CHICAGO-A report from Appraisal Research Counselors and their own experience less than two blocks north suggest a heavy mix of one- and two-bedroom units in a 29-story, 268-unit building at 1400 S. Michigan Ave.

By Mark Ruda | Updated on December 19, 2005

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

CHICAGO-Smaller units appear to be the way to go for new developments in the South Loop. At least, that’s the experience for developers of a $70-million, 268-unit building at 1400 S. Michigan Ave.

Skokie developer Jacob Bletnitsky’s 1400 S. Michigan LLC includes partners in another condominium at 1250 S. Michigan Ave., a mix of one-, two- and three-bedroom units. The partners saw resistance from the market to the larger units, says partner Alex Vaisman, who adds Appraisal Research Counselors also suggested a mix heavy on smaller units.

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