ITASCA, IL-The Marquette Cos. has confirmed the purchase of Two Itasca Place, a 70-unit failed condo building here, after working with the developer and West Suburban Bank. The Naperville, IL-based firm is converting the building into apartments, following a controversial rezoning approval in late January by the Village Planning Commission.
The developer, Donald Morris, tried to capitalize on the condo boom of 2000-2005, building One Itasca Place and Two Itasca Place, each five stories with 70 units at the corner of Nordic and Rohlwing roads. However, while many of the units at One Itasca were sold, only seven were purchased at Two Itasca.
Now, Marquette will take control of Two Itasca and turn it into rental apartment building, to the protest of many neighbors who didn’t want transient users nearby. Six of the seven condo owners reportedly are moving to One Itasca, which Morris will continue to market for sales. The seventh owner at Two Itasca moved on.
Darren Sloniger, managing director of acquisitions for Marquette, says Morris built nicely designed condos, and that they should become very attractive luxury apartments. “The market just wasn’t able to support the entire project,” Sloniger says. Marquette declined to reveal the price it paid for the building.
He says Marquette is finishing the units at Two Itasca, which are currently at the roughed-in, drywall stage. The first units should be available in the second quarter, Sloniger says. The 1,115-square-foot to 2,173-square-foot apartments will be offered for $1,505 to $2,934 per month. Amenities include an underground parking garage, 9-foot or 10-foot ceilings and high end finishes.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
