The Winthrop Club condo development in downtown Evanston reportedly has a new owner and a new name.
Chicago Real Estate Daily reports that New York-based Amalgamated Bank has taken over the 96-unit development after developers Robert Horner and Ibrahim Shihadeh were unable to pay off a $49-million loan on the 15-story development at 1570 Elmwood Ave.
Only about 25 percent of the units in the building, which was completed last year, have sold. The bank has hired Jameson Real Estate LLC to market the project, and has renamed it One Evanston.
Prices for the one- to three-bedroom units have also been reduced. Originally marketed for between $290,000 to $1.48 million, the new prices range from $234,400 to $999,900.
Highrise Vacancies ?
With all the high rises that have been built in Evanston, is there a count on how many have un-sold or un-rented units ?
Given the high costs of many of these units, the economy, layoffs, company closings, companies moving and employees having to follow, there must be a substantial number of units on the market.
Before any more highrise buildings like the proposed Fountain Square, the reasonable housing stock of Evanston, esp. given the causes listed above, and taxes/lack of shopping in Evanston, should be considered.