Across the street from the Harold Washington Library, Lennar Urban Homebuilders is positioned to release its latest South Loop residential development – the Library Tower. Move-ins are marketed for Summer 2008, and the development offers 182 mostly two-bedroom units. While the current building will rise to 16 floors, original specs proposed 32 floors and a height of 370 feet before being scaled back due to a neighborhood petition of opposition.
With the increased supply of residential development in the Loop and South Loop market, real estate analysts may be tempted to question the probabilities of full absorption of this additional development. Nevertheless, the location of Library Tower (easy Metra access, walking distance to retail and office space, etc.) allow for optimistic demand projections and optimal price points. Units will range from $371,000 - $884,000.
As always, thank you for your support and referrals of Vranas Properties!
Mark Raymo
Vranas Properties
Chicago Real Estate
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Posted by: rairtieve | September 21, 2011 at 02:58 AM