CHICAGO-Related Cos., based in New York City, has hired David Wolf as president of sales at its local office. Wolf has left his own firm, David Wolf Residential, and will oversee the sales efforts of 500 condominium residences in the South Loop.
Related plans to renovate and sell about 500 condominium units in the buildings at 1201 S. Prairie Ave., 1629 S. Prairie Ave. and 1901 S. Calumet Ave. The properties are adjacent to Grant Park and the Museum Campus, not far from Lake Michigan. Lenders have now partnered with Related to finish the condos, which include One Museum Park West (1201 S. Prairie), a 54-story tower. Related plans on spending more than $2 million to renovate the properties, including about 300 “raw” units.
Related is also working on two luxury high-rise apartment complexes, more than 1,000 units, at 500 N. Lake Shore Dr. and 111 W. Wacker Dr., as well as One Evanston and the $100 million redevelopment of Parkway Gardens.
Wolf tells GlobeSt.com that he sees the Midwest condo market slowly improving, and the Chicago condo market moving even faster. “From the Near South to the Near North market, we’ve seen rental prices creep up, which then pushes up for-sale prices,” he says. “The biggest difference is that in the past 12 months there’s been a strong demand for new construction, with the new buildings demanding a 10% to 15% premium.”
The renewed interest, he says, is part of the push by residents to resume downtown living, and condos availability is still better than the apartment market. “People are starting to again feel comfortable with a condo purchase,” Wolf says. “I think the lending problems hurt the condo market, but I see lending loosening up, and a lot of buildings are in better health today.”
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