(Read more on the multifamily market.)
ITASCA, IL-Construction is being completed for the One Itasca Place condominium development, at the corner of Route 53 and Nordic Road. The project is being developed by DEM Enterprises, based in Bloomingdale. McShane Construction Corp., based in Rosemont, constructed the buildings and Cordogan, Clark and Associates Inc., headquartered in Chicago, was the project architect.
One Itasca Place has a total of 371,000 sf in two identical towers with 70 condominium units in each tower, says Min Yang, project manager with McShane Construction. The cost to construct the towers, not including site work, is approximately $30 million with the project cost, including site work, being approximately $35 million, Yang says.
The two towers have underground parking for 300 cars, and a 60-feet patio area connects the two towers. The five-story buildings were constructed with steel, precast and masonry for the structure and exterior with Renaissance Rock Face Stone on the first floor of the exterior. The one- and two-bedroom units range in size from 1,115 sf to 2,173 sf and are priced between $240,000 and $472,000. The buildings have 14 different floor plans with no duplicates of plans on a floor, a spokesperson for McShane says.
The first tower was completed in June 2006. Approximately 80% of the units are sold in the first building and there are presales for approximately 20% of the second tower, the McShane spokeswoman says. The majority of the purchasers are "young professionals" or "empty nesters," she says. The second tower is expected to be ready in September.
The buildings have widths of 90 feet, which is wider than most condominium buildings which have a width between 60 feet and 70 feet, Yang says. DEM Enterprises develops a lot of single family homes "so we wanted the larger and deeper units," Yang says.
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