A condo building in River North where prices have dropped amid a battle over its height has a new name: Margeaux.
The slow-selling building at 142 West Erie Street was called Bentham when Sedgwick Properties broke ground in 2017, Crain’s reported. Now it’s been redubbed for the French wine region, best known for Bordeaux, according to Americorp sales agent Matt Laricy.
The 31-unit building had just eight units under contract last November. Laricy said more were likely filed and then canceled.
“With Covid and civil unrest, people lost confidence in downtown Chicago and (condo) inventory swelled to something like 20 months,” Marty Paris, a principal at Sedgwick Properties, told the publication. “River North, Streeterville, the whole downtown market has trailed the market in general. It’s turning around, but it’s slow — like turning a ship.”
One of the biggest delays for the condo building was the battle for a 15th floor. The city never approved the height and it was ultimately scrapped, leaving the project with 14 floors. The additional floor would have had multiple common areas like a gym, community room with kitchen and outdoor terraces.
In exchange for the loss of the amenities, Laricy said buyers will get a one-year membership at one of two nearby fitness clubs — East Bank on Kingsbury and Lifetime Fitness on Chicago Avenue.
Asking prices for all the units have dropped recently. The cheapest, a three-bedroom, is listed for $1 million, down from $1.2 million, while the penthouse is asking $3.2 million, compared with a previous list price of $3.5 million.
Units were scheduled to be completed in the beginning of this year. Now Laricy says they’ll be available in the fourth quarter.
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[CCB] — Victoria Pruitt