Lincoln Park Condo Project Stalls, Another Sign That Apartments Dominate Chicago Multifamily Market
Northfield-based Interforum Holdings appears to have pulled out of a plan to build 53 luxury condos in the western edge of Lincoln Park, as Chicago's multifamily real estate sector remains heavily skewed in favor of luxury apartments. It is also a possible sign that large-footprint luxury condos remain a niche development limited to submarkets near the downtown core.
Interforum Holdings affiliate C3 is quietly pulling the plug on The Parker 60614, according to Curbed Chicago. The project's website URL is still online, but leads to an empty homepage. And six combined double lots earmarked for The Parker are now on the market with an asking price of $8.7M; the site will retain its condo zoning.
Chicago condos in this cycle have trended toward larger footprints and fewer units, and firms like Belgravia Group, with its CA developments in the West Loop, have feasted on this model. Interforum planned to build only two- and three-bedroom condos at The Parker 60616 on the 2700 block of North Ashland Avenue, priced from $499K to $839K. Experts such as @properties co-founder Michael Golden and JK Equities principal Jordan Karlik told Bisnow last November that rising materials, labor, construction and land costs are dictating the type of condo product being built, and where.