CHICAGO — Ricker-Murphy Development and an affiliate of GE Pension Trust have secured a $170 million construction loan for the development of a new residential condominium tower in Chicago. The lender is a consortium led by the Americas division of Sumitomo Mitsui Banking Corp.
Known as Lincoln Park 2520, the project will be the first new residential condo high-rise constructed in Chicago's in almost three decades.
“What you have here is a very unique location in just a fabulous setting, which is 3.5 acres overlooking three bodies of water — North Pond, Diversey Harbor and Lake Michigan,” says John Murphy, principal for Ricker-Murphy Development.
Current plans call for the construction of a three-tower building at 2520 N. Lakeview Ave. The north and south towers will be 22 and 16 stories, respectively, and the central tower will be 39 stories. The 228 residences will be a mix of one to four bedrooms and range in size from 899 to 4,703 square feet. Prices will range from $1 million to $5.7 million. The towers will also contain several penthouses ranging in size from 3,500 to 8,300 square feet and ranging in price from $4 million to $11 million.
In addition to its location across from Lincoln Park, the project will feature a 1.25-acre, landscaped park that will only be available to residents. The building will also have 498 underground parking spaces. Additional amenities will include a residents lounge, a movie theater, a conference room, a dog park, a fitness center, an indoor pool, a spa and a sauna.
Sales for Lincoln Park 2520 began in 2007. Even with the recession of 2008, all of the project's initial buyers remained under contract, Murphy says. The developer's were determined they had a winning project, so, with the credit markets still frozen, demolition work at the site began. The former Columbus Hospital was tore down, and foundation work began.
However, during this time the initial scope of the project was scaled down from 41 stories and 292 units to 33 stories and 198 units. The developer reserved the right with the city of Chicago to expand the project if the credit markets improved, and with the announcement of construction financing, the developer concurrently received approval to expand the project to its current 39 stories and 228 units.
Vertical construction began earlier this week. Operating on a 26-month construction timetable, initial occupancy is slated for early 2012 with the remainder of construction to be complete by summer 2012.
“I think the capital markets recognize the quality of the project we're delivering,” Murphy says.
— Coleman Wood