Over the last couple of years, condo deconversions were all the rage in Chicago, as investors paid millions to transform condo buildings into rental complexes.
That trend has slowed however, with an increasing number of developers turning back to condominiums.
The latest case is RD Precision, a developer that is planning an eight-unit luxury condo building in a long vacant bank building in Lincoln Park. And there are plans for the massive vault to become an amenity.
RD Precision acquired the building at 1425 West Fullerton Ave. two years ago, and has begun the redevelopment, according to Crain’s. The firm paid $3 million.
The units will range from $1 million to $2 million, with the two largest units on the ground floor, according to the report. Each will be over 4,000 square feet, and one unit will include an unusual amenity: the original bank vault converted into a wine cellar.
The Classical Revival building is a designated city landmark. The condo units will preserve some of the building’s original features, such as the two-story arched windows, decorative iron work and plaster medallions, Crain’s reported, citing Melissa Govedarica, a Sergio & Banks agent marketing the property.
The building has been vacant since 2013, and hasn’t been a bank for decades, and changed hands several times over the years. [Crain’s] — Jacqueline Flynn