Developer Plans 58 Condos for Riverfront

CHICAGO-A 58-unit condominium project slated for a one-acre site along the Chicago River is expected to be a success because of the relative affordability of the units. John J. Pikarski, attorney for developer Anita Goyal, tells GlobeSt.com a lender has been lined up for the Logan Square area project, and is not requiring a pre-sale number.

Pikarski explains units at 2825 N. Oakley St. will be priced in the $300,000 range. “(Other developers) want $500,000 and up. This is at a more reasonable price point,” Pikarski says. “The market for the more expensive units is shrinking. There’s a significant demand in this area.”

Goyal’s Cornerstone Development Group, Inc. will raze a one-story garage on the site to make way for the two buildings, which will be situated between a manufacturing property, townhouses and loft condominiums.

Goyal is buying the property, zoned for manufacturing and commercial use, from an Elk Grove Village-based owner. Zoning will be changed to allow for a residential planned development. Before getting a favorable recommendation last week from the plan commission, Goyal made “substantial changes” to her proposal, according to department of planning and development officials. Building heights were reduced, upgrades were made to the building’s architecture as well as a riverwalk.

The larger, 54-unit, building will be six stories while four units will be in a four-story building, according to Goyal’s proposal. Construction is expected to begin in late fall with units becoming available in late 2005, Pikarski says.