‘Basement House’ in Peoria suburb pending sale after going viral
JK Equities founder Jerry Karlick and a rendering of the condo project
In a market where most developers are adding rental projects, JK Equities is doubling down on condos.
The New York firm plans a seven-story, 42-unit condo building in at 1400 West Monroe Street in the West Loop, according to Curbed. JK paid $6 million for a five-story nursing home on the property in June, according to Cook County records.
The Chicago market is in the middle of an apartment boom that’s not expected to end anytime soon, and the West Loop is no exception. But JK President Jerry Karlik said condos are still in demand, especially with millennials.
The building will be a mix of two- and three-bedrooms ranging from 1,200 to 2,000 square feet and starting at $600,000. JK has applied for permits for the project, and construction is expected to start later this year and take about a year.
The project will join a five-story condo building under construction at 14 North Bishop Street in the West Loop.
JK is teaming up with Time Equities and Oak Capitals on the 74-story, 421-condo unit 1000M on the south end of Grant Park. The developers recently decided to devote seven floors in the project to smaller units to boost sales, and delivery is now expected in mid-2021. [Curbed] — John O’Brien
