CHICAGO—During Chicago's lengthy apartment boom, developers have been reluctant to break ground on new condo buildings, but things are beginning to change. Officials from Vermilion Development just announced plans to begin sales for Alcove MDP, a condominium and townhome development in the Wicker Park neighborhood. Located at 1648-1650 Division St. just a block away from the CTA Blue Line stop and adjacent to a new mixed-use rental development, Alcove MDP will provide 43 condominiums and 12 townhomes. Named for its location between Milwaukee, Division and Paulina, Vermilion will begin pre-sales in early April and plans to deliver the units by late 2019.

“The timing of this project couldn't be better as we're entering the condominium market just as it's starting to heat up again – giving buyers more options for new-construction,” says Dave Cocagne, president and chief executive officer of Chicago-based Vermilion. “As many renters are making the move to homeownership, the condominiums and townhomes at Alcove MDP will be a much-needed addition to this popular neighborhood that is currently underserved for new-construction homes of this caliber.”

Buyers can choose between two-, three- and four-bedroom condominium floor plans ranging from 1,400 to 2,400 square feet and priced from $600,000 to $1.1 million. Those prices are significant. In the past few years, high construction costs and strict lending for condos meant most new units were restricted to ultra-luxury buyers. These units, however, will break through the $500 per square foot barrier and appeal to a much larger group of potential buyers. The townhomes will offer four- and five-bedroom floor plans ranging from 2,900 to 3,400 square feet and priced from $1.1 million to $1.3 million.