GOLD COAST — A new condo development is going up at State and Walton streets, Crain's Chicago Real Estate Daily reports.
The southeast corner in the Gold Coast is being purchased by Jim Letchinger for about $70 million. Letchinger "has been one of the most aggressive apartment builders since the crash," Crain's says, citing developments in Old Town, Wrigleyville and the South Loop.
The seller is Miami-based Credscent Heights Inc, which bought the site and the adjacent Walton on the Park high rise about four months ago for $160 million. Crain's said the vacant parcel at the time was valued at $28 million.
The size of the planned condo development wasn't disclosed but is described as "ultra luxury" in the report.
Letchinger is president of JDL Development Corp.
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