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Development
Chicago

ZSD Plans another West Loop condo project

Developer’s nearby project, Peoria Green, sold out so fast ZSD added more units

Zev Salomon and 1034 West Madison Street (Linkedin, Google Maps)
Zev Salomon and 1034 West Madison Street (Linkedin, Google Maps)

The developer of the successful Peoria Green project is looking to replicate its success with a luxury live-work condo in the same neighborhood — equipped with amenities to entice pandemic-weary buyers.

ZSD, led by Zev Salomon, met this week with the West Central Association Chamber of Commerce to go over the firm’s plans for a 13-unit condo development at 1034 West Madison Street, Crain’s reported. Each unit will have space for working and living — a necessity in the Covid work-from-home era — with four bedrooms, office and outdoor space.

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“Now that we are in a pandemic, people want more space at home in case they need to quarantine,” Zev Salomon, principal at Chicago-based ZSD, told Crain’s. “You have kids doing e-learning at home and parents working from home, so having an extra bedroom, an office or patio space has become important to buyers.”

Construction on the project will not begin until 2021, but four units have already presold, priced between $1.8 million and $3.5 million. The project will cost $20 million to develop, and while Salomon has not yet secured a lender, he said the firm will likely use a lender it has worked with before, Canadian Imperial Bank of Commerce. Salomon expects to complete the project by 2022, Crain’s reported.

Salomon said he noticed that buyers at Peoria Green, which ZSD developed in the same neighborhood, were interested in more space, while enjoying proximity to “vibrant” areas of the city. The condo units, priced at $3 million and above, sold so quickly the developer altered the plans to build more.
[Crain’s] — Georgia Kromrei

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CondosDevelopmentWest Loop