Was it the opposition of local residents? Was it the struggling economy? Or was it the glut of unsold condominium units already on the market?
Whatever the reason, a controversial condominium tower proposed for a lot next to a historic Michigan Avenue church is now dead. In a story reported by Crain’s Chicago Business, the Fourth Presbyterian Church of Chicago has given up on its plans to let a developer build a condo tower next to their church building, which has an official address of 126 E. Chestnut St., better known to passersby as the busy corner of Chestnut Street and Michigan Avenue.
It’s been a long road for the proposed 64-story condo tower. The first plans for it were created nearly six years ago, according to the Crain’s story. Many vocal neighborhood residents were never in favor of the project. Burton Natarus, then the alderman of the ward in which the project would stand, also opposed the project.
In Chicago, when the local alderman opposes a project, it usually dies a quick death.
The ward’s new alderman, Brendan Reilly, has also opposed the plan, something that certainly hastened the decision of church officials to declare the project dead.
Of course, the city’s sluggish condo market probably played a role, too. There are too many unsold condos already clogging the market. The city, at this point and in this economy, doesn’t need another condo tower.
The fate of the Fourth Presbyterian Church’s project is a good example of how significantly the city’s condo market has changed. During the recent housing boom, condos were selling at an incredible rate for high prices. Developers were eager to build new towers or convert existing apartment buildings into condos.
This has all changed now. Today, it’s a real challenge to sell a condo in the city. Owners can still do it, but they must set the right price. That’s why it’s so important to work with a licensed and skilled REALTOR®. A REALTOR® will help owners set the perfect price for their units, one that attracts fair offers and keeps a unit from sitting on the market for months.
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