Barrett Homes is joining a growing number of developers launching condo projects in Chicago, even as demand for apartments remains strong.
The Chicago developer plans a four-story building with 15 condos above ground-floor retail at Lincoln Avenue and Grace Street, according to Curbed.
All but four of the units in the Grace Pointe building already are under contract, according to listing agent Jeff Lowe of Compass. Prices for the remaining units range from about $650,000 to about $800,000, according to the Grace Pointe website.
Barrett’s previous projects have been single-family homes and condos on the North Side, according to the website.
The housing crash brought condo development to a virtual halt in Chicago, but the market is starting to see signs of life.
River North and the West Loop have drawn particular interest from condo developers recently, while No. 9 Walton, One Bennett Park and the upcoming One Chicago developments have sought to target high-end buyers.
[Curbed] — John O’Brien