In case you missed this story earlier in the week, according to Crain's the infamous Lexington Park highrise at Cermak and Michigan is going rental. Although many will probably see this as a negative, in our mind it could be positive.The southern end of the South Loop (if you consider this the South Loop) is probably the bleakest area of the neighborhood in regard to retail and it's mostly due to the fact that there is little foot traffic these days. Well the good news is that by this building going rental, foot traffic should pick up. Hopefully it brings some more shops to this stretch of the neighborhood.
The article goes on to talk about estimated price at the building:The ST spokesman says the venture hasn't chosen a property manager or decided on rents. But people familiar with Lexington Park estimate that one-bedroom units will rent for $1,300 to $1,600 a month, while two-bedrooms will go for $1,700 to $2,100.
By comparison, monthly rent for a one-bedroom unit starts at $1,500 at Terrazio, a 180-unit development about a half-mile north of Lexington Park, says Jennifer Witt of Coldwell Banker NRT, who is leasing a block of unsold units for Terrazio's developer, Sedgwick Properties Development Corp. of Chicago.
For the saga behind Lexington Park click here for old Sloopin posts.
(Image from Curbed Chicago)
