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Marquette Confirms Condo Buy for Apartments

ITASCA, IL-The company has purchased a failed condo project here, Two Itasca Place, and will capitalize on the hot apartment market with a controversial conversion.

By Robert Carr | Updated on February 09, 2012

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.

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