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Chicago condos put on display four years before completion

Local developers, Asian investors line up high-rise projects
  • High-rise condo projects in Chicago are opening sales offices far in advance of occupancy.
  • Condo conversions could be on their way back.
  • Downtown Chicago, River North, West Loop and South Loop all have noticeable condo pipelines.

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The volume of high-rise condo projects recently underway or proposed in Chicago is influencing developers to open sales offices up to four years in advance of a development's completion. In early April, Chicago-based Magellan Development Group and Dalian Wanda Group of China will open a sales office for their 93-story, mixed-use Vista Tower, which is slated for initial occupancy sometime in 2020. Once completed the building, which will feature 405 luxury condos starting at $1 million, will be the third tallest tower in the Chicago skyline. Located downtown on the 300 block of East Wacker Drive, the first 12 floors of the tower will be a hotel. Also in downtown, Belgravia Group has a proposal to construct a 16-story condo tower on top of a below-grade parking garage. The project is said to be receiving resistant from residents of River Plaza because of the project's close proximity. Conversions might be on their way back in downtown. Jim Letchinger is one developer with ...