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CHICAGO-An affiliate of Chieftain Construction Holdings Ltd., based in Ireland, has received a construction loan of $84 million for Lexington Park Condominiums to be located at 2138 S. Indiana Ave. Corus Bank, a subsidiary of Chicago-based Corus Bankshares Inc., provided the loan to finance the construction, says Brian Brodeur, senior vice president of the bank.
Lexington Park Condominiums will have a total of 333 residential units consisting of 297 condominium units and 35 loft units. Amenities for the project include a clubroom, fitness room and landscaped gardens, according to a released statement from Corus Bank. Brodeur said he could not provide detailed information on the project and a phone call to the developer was not returned. The units, which are approximately 50% pre-sold, will be mainly one- and two-bedroom units with some studio and three-bedroom penthouses, says Christopher Murray, senior project manager with Wheeling-based Kenny Construction, which is constructing the building. The units range in size from 656 sf to 1,346 sf with a price range from $230,900 to $521,900.
Although Lexington Park Condominiums is the first development in the United States for Chieftain Construction, the company has done projects in Ireland, South Africa, Eastern Europe, London and the UK, Brodeur says. "Chieftain is a very experienced contractor," he says. "They have done multi-international projects outside of their home base before so they have experience managing projects overseas."
The project, which is being constructed on the site of the former Lexington Hotel, will have a seven-story building with the loft units on the west end of the property, a 35-story tower with the condominiums on the east side with a six-story parking garage with 352 parking spaces spanning the two buildings, Murray says. The first floor will have the lobby for both buildings, entrance to the parking garage and approximately 16,000 sf of retail. The development will be LEED certified with developers using renewable and regional resources in addition to recyling debris from the site, when possible. The project, which has an estimated construction cost of about $82 million, is expected to be completedby February 2009, Murray says.
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