Project Briefs
Nov 7th, 2017

Port Clinton Place, Webster Square & The Legacy

Port Clinton Place Sold Out - @properties has successfully closed out sales for Port Clinton Place, a 66-unit mid-rise condominium development in Vernon Hills, for Opus Development Corporation. When we took over sales at the start of 2015, only eight condos had been sold, and Opus was operating the other 58 units as rental apartments. @properties’ overhauled the marketing program and re-established the development within the brokerage community. Brokers Terry Wilkowski and Mary Gibbs-Moodhe of @properties’ Libertyville office ran the sales program. Restarting sales was extremely challenging due to limited mortgage financing, based on the project’s sales status and renter-occupancy levels. The project reached a turning point in the second half of 2016 when we surpassed 50%-sold. The remaining 29 units sold in 2017.

Webster Square First Closings – @properties and Sandz Development Company celebrated the first closings at Webster Square this summer. The redevelopment of the former Lincoln Park Hospital at Webster and Geneva Terrace is a complex adaptive re-use project featuring a combination of retail, apartment, parking, single-family and condominium components. The condo building has 90 units, underground parking, and a full list of amenities including a 24-doorman, fitness center, residents’ lounge, rooftop sundeck and ½-acre private landscaped park. Webster Square is currently 65% sold with remaining homes priced from $459,000 to $1.525 million.

The Legacy at Millennium Park: Easy As 1, 2, 3 – Five years into a marketing effort that has generated 155 transactions and more than $150 million in closed sales volume, @properties is coming down the home stretch at The Legacy at Millennium Park. Only 3 developer units remain at the 355-unit, 72-story tower that launched in 2006 but lost more than half its original buyers in the 2008 financial crisis. @properties was brought in by Mesa Development and Walsh Investors to re-start sales in 2012. Ownership maintained a strong financial position and sought to maximize revenue as opposed to exiting the project on an accelerated timeline. Throughout our tenure, @properties has run a dynamic program relative to inventory positioning, pricing and marketing in order to guide the Legacy through changing market conditions. Closeout is anticipated by the end of 2017.

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