(To read more on the multifamily market, click here.)
CHICAGO-Approvals have been granted for X/O Condominiums, a 487-unit residential complex on two acres at the intersection of 18th and South Prairie streets in the South Loop's Prairie District. The developer is Franklin Giles and Kargil Development Partners LLC, an affiliate of locally based Kargil.
Brian Giles, VP, tells GlobeSt.com the estimated all-in cost, including construction and the land, is $220 million, and he anticipates a $270-million sellout. The land currently contains a partially tenanted, five-story office building in which the developer will open an X/O model condo and sales office this November.
The design by locally based Lucien Lagrange Architects the property includes a 44-story and a 34-story tower, which will contain an aggregate of 477 condo units, with 10 four-story townhouses fronting South Prairie. The site offers lake and skyline views and the property will include a park, X/O spa, pool and sundeck.
Condo unit sizes range from 650 sf to just above 2,500 sf, and the townhouses are each about 3,000 sf, Giles says. Unit pricing begins in the $200,000s and reaches to above $1.5 million. Giles expects the project to reach completion by early 2010.
Other Kargil projects include conversion of the historic building at 888 S. Michigan Ave. into 36 residential condos and the 17-story Dearborn Tower, a former industrial building at 1530 S. State St., into 317 residential units. The company also previously restored and converted the Roosevelt Hotel into 42 residential rental units with ground-floor retail.
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