Roszak/ADC
More South Loop Condos Planned
Crain's Chicago Business
06/16/2005
Alby Gallun |
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Roszak/ADC, an Evanston-based real estate developer, plans to build a 31-storycondominium tower in a part of the South Loop that is brimming with new condo projects.
The 240-unit building at the southeast corner of Harrison and Wells streets would be directly east of another condo tower planned by Chicago-based
developer D2 Realty Services Inc. (Crain's, June 13). Roszak/ADC has signed a contract to buy the development site, currently a surface parking lot, and plans to close on the purchase in August, said Thomas Roszak, the firm's founder and president.
He declined to disclose how much his firm is paying for the site, but says the project will be worth more than $100 million when it's completed.
Units in the building will range from about $190,000 to $600,000; most will have one or two bedrooms. Mr. Roszak aims to start marketing the condos in September and break ground next March.
Mr. Roszak is joining a herd of developers who are kicking off residential projects in the neighborhood, including:
- Chicago-based Centrum Properties Inc., which plans to build a mixed-use development on Roosevelt Road that would include about 370 condos (Crain's, May 23);
- D2, which, in addition to project at Harrison and Wells, plans a 600-unit project immediately north of the Target store on South Clark Street;
- Chicago-based Terrapin Properties LLC, which wants to build a 290-unit tower at Clark and Polk streets; and
- Rezmar Corp., a Chicago developer that has the most ambitious plan of all, a 4,600-unit mixed-use development along the Chicago River just south
of Roosevelt Road.
The South Loop remains the most active condo market in downtown Chicago, accounting for 37% of the 1,545 condos sold in the first quarter, according to Appraisal Research Counselors, a Chicago-based consulting firm that tracks condo sales.
The Roszak/ADC project would be the developer's biggest so far in Chicago. The firm has been especially active recently in Evanston, where it is
building the Sienna, a 244-unit condo complex just west of the northern suburb's downtown.
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