Belgravia Group Mulling River North Condo Developments
Belgravia Group, which has been focusing on building condos while nearly every other developer in town is on the apartment bandwagon, is considering two condo projects in River North, one of Chicago's hottest markets for apartment development.
The Chicago Plan Commission recently approved an $8.66M sale of two properties to Belgravia, at 366 W Superior (shown) and 356-366 W Erie. Belgravia founder David Ruttenberg said the odds are solid these lots will eventually be home to 40-condo developments. Belgravia CEO Alan Lev told Bisnow in March the condo market is rebounding, but not at the pace of apartments, and the group has had success building two- and three-bedroom condos in the West Loop.
The Belgravia projects would stand out in River North, where more than 2,800 apartments have been delivered or are in the pipeline. The Plan Commission also approved a $3.74M sale of city-owned property at 365 W Huron to Morningstar Group, which tends to build apartments. [Crain's]