Sedgwick Properties has been cleared to build a 15-story condo building in River North at a time when most investors are focusing on apartments.
The city granted Chicago-based Sedgwick the initial construction permit for The Bentham at 146 West Erie Street. The permit covers the foundation and first three floors, work that is expected to cost $4 million.
The building will have ground-floor retail, enclosed parking and 31 condos on floors 4-14.
Jameson Sotheby’s Realty is listing the units, which Curbed reported last year would start at $1.3 million.
In recent years, most multifamily development Downtown has occurred in the rental market, as builders and buyers alike found it more difficult to secure financing for condos post-crash, and a growing millennial workforce fed the need for apartments. Condo buildings have been more of a target for deconversion than development.
But there have been a few exceptions, most notably JDL Development’s 9 West Walton Street, which has dominated the list of most expensive sales since last year.
A number of large projects in the works also include condominiums, including Related Midwest’s One Bennett Park and former Chicago Spire site projects, Vista Tower and the condo tower known as 1000M at 1000 South Michigan Avenue from JK Equities, Time Equities and Oak Capital.