Mallinckrodt In The Park
Jun 1st, 2014


@properties collaborated with an investor to design a successful workout of the final unsold units of this unique North Shore adaptive reuse project.

Location: 1041 Ridge Road, Wilmette
Developer: Mallinckrodt Renaissance, LLC
Total # of Units: 22 in Closeout / 81 Total
Price Range: $230,000 - $500,000
Current status: Sold out

Challenge

Aninvestor acquired all 22 unsold unitsof Mallinckrodt in the Park, the redevelopment and condominium conversion of the historic Mallinckrodt Convent and College on Chicago’s North Shore. Amongst the challenges of the workout for this unique adaptive reuse project — a limited market imposed by an age restriction, a number of unorthodox floor plans and competition from re-sales.

Solution

  • Investor successfully petitioned the town of Wilmette to lower the minimum entrance age from 62 to 55; and completed all unfinished units
  • @properties created and executed a comprehensive marketing program including website, advertising, brochure, signage, e-mail marketing and public relations
  • Staffed project with top-producing North Shore agents

Results

  • Sold out the community in less than two years

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