KENWOOD — Interest seems to be returning to the condo market in Hyde Park and Kenwood with plans for a new 19-unit building on the border of the two neighborhoods.
Ranquist Development Group is planning a four-story luxury condo building on a parking lot at 1400 E. Hyde Park Blvd. that the University of Chicago sold off last year.
The Hyde Park market especially has not seen scant new multi-unit condo developments in the last decade.
A condo tower was planned as a second phase of the Harper Court redevelopment, but was put off during the real estate crash and one of the developers from that project is now behind the new condo project.
“As we’ve expanded our work in Hyde Park, we’ve received numerous inquiries regarding for sale residential opportunities in the neighborhood,” said Chris Dillion, of Ranquist’s development partner Campbell Coyle, who worked on the Harper Court redevelopment.
He pointed out that all of the new construction in Hyde Park now, like City Hyde Park and Vue53, is rental.
“We’re catering to a different clientele — one that is seeking to own or downsize within the community,” Dillion said. “Those buyers are seeking a central location within walking distance to Harper Court, Whole Foods, the lakefront and other neighborhood attractions.”
He said construction won’t start until the developers are happy with the pre-sales of units, which range from $394,900 for a two-bedroom unit to $959,900 for the four-bedroom penthouse, and the community has a chance to see the designs and weigh in on the project.
Ideally, Dillion said, construction would start later this year so people could move into the building in late 2017.
The building will have one indoor parking space for each unit included in the sale and an option to purchase one of 11 additional parking spaces in an outside lot. Parking spaces not sold to owners within the building will be open for neighbors to buy.
The units are being marketed as luxury condos with gourmet kitchens, high-end cabinetry hardwood floors and other touches.
Dillion said the project does not require any zoning changes and will not seek any tax incentives.
“That said, we acknowledge and embrace the community process, as we have on our past projects in Hyde Park,” Dillion said. “We look forward to continuing the dialogue that we’ve established on our previous projects in the community.”
No meetings have yet been scheduled.
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