Price Cut for Final Residence at Mallinckrodt in the Park
Nov 27th, 2012
Active-adult community in Wilmette down to final condominium residence; price cut for the penthouse.
Mallinckrodt in the Park, the redevelopment and condominium conversion of the historic Mallinckrodt Convent and College in Wilmette, is all but sold out with only one unit remaining. Buyers may purchase the final unit, a penthouse, as either raw or finished space.
Pricing for the raw option has been reduced by $40,000 to $599,000. The base price of the fully built out unit, which includes a luxury finish package, has been cut by $50,000 to $899,000. Two deeded, heated indoor parking spaces are included in the purchase price in either scenario.
The remaining condo is Unit 313, a 3,105-square-foot, two-story penthouse with three bedrooms plus a study and 3.5 baths. Fashioned from the Mallinckrodt’s original chapel, the luxurious home features soaring 25-foot ceilings, two-story arched windows and ornately detailed columns. Whether the buyer elects to build out the space after closing or works with the owner’s design team to finish the home, he or she will still be able to customize the floor plan.
“The penthouse is truly one of a kind. This is a great opportunity for a homebuyer to not only live in a very desirable location and community, but also to benefit from closeout pricing on the project’s final unit. It’s a great value and we’re confident a buyer will take advantage,” said Don Shea of @properties, exclusive sales and marketing agent for Mallinckrodt in the Park.
With 32 sales in two and a half years, Mallinckrodt in the Park represents a turnaround success story. Mallinckrodt Renaissance, LLC, an investment group led by Reuben Warshawsky and David Rosen, took control of the final 33 units in the 81-unit project and breathed new life into the building, lowering the minimum entry age to 55, completing unfinished units, and creating a new sales and marketing program in conjunction with @properties.
“Our buyers are thrilled. They love their homes, they love the building and they love the community,” said Rosen.
Located at 1041 Ridge Road, just north of Lake Avenue in Wilmette, Mallinckrodt in the Park overlooks a 14-acre landscaped park with walking trails and gardens maintained by the Wilmette Park District. The 81-unit development offers maintenance-free living for active adults age 55 and over.
To schedule a showing at Mallinckrodt in the Park, or for more information on the community, contact Don Shea of @properties at 847-910-0268 or donshea(at)atproperties(dot)com. Visit Mallinckrodt in the Park online at http://www.mallinpark.com to see floor plans and finish specifications.
About Mallinckrodt Renaissance LLC
Mallinckrodt Renaissance LLC is managed by Reuben Warshawsky and David Rosen, who are co-founders of CLG Realty Partners LLC. Messrs. Warshawsky and Rosen have extensive experience in real estate investments, corporate and real estate finance, asset management, acquisitions, dispositions and operations. For more information about CLG Realty Partners, visit http://www.clgrealty.com.
Established in 2000, @properties is the No. 1 residential brokerage firm in the city of Chicago by market share and the third largest brokerage firm in Northern Illinois. @properties is also the Chicago area’s leading firm for the sales and marketing of new-construction and condominium conversion developments. @properties has offices in River North, Streeterville, Lincoln Park, Bucktown, Lakeview, Evanston, Winnetka, Highland Park and Lake Forest. For more information, visit http://www.atproperties.com.
@properties collaborated with an investor to design a successful workout of the final unsold units of this unique North Shore adaptive reuse project.Learn more
Mallinckrodt in the Park homeowners Earl and Merle Glass spoke with the Chicago Tribune for an August 2012 article about the perks of living in a maintenance-free condominium building.Learn more