Sales to resume at Church Street Village

Church Street Village, in an image from Kinzie Real Estate Group.

Sales of townhomes in the Church Street Village development in Evanston are scheduled to resume next week.

Construction stalled on the 40-unit project with just 32 homes built and 19 sold after the real estate market crashed.

An affiliate of Boston-based Capital Crossing Servicing Co. acquired the delinquent debt on the project at 1613-1695 Church St. before buying the property in February through a sheriff’s sale.

The Capital Crossing affiliate is spending $1.3 million to finish the 13 unsold town homes and make deferred infrastructure improvements..

Steven Maher of Chicago-based Kinzie Real Estate Group said in a news release that his firm will list three of the units for sale next week and that he's planning to build out the rest of the project. 

“We are seeing the market come back. You’re going to see these infill developments completed,” said Maher, managing broker at Kinzie. “And not at fire-sale prices, but at realistic, current market prices.”

Prices will range from $329,000 for a two-bedroom home to $385,000 for a three-bedroom, Maher said. The units include garage parking and environmentally-friendly features including geothermal air conditioning.

The owner plans to sell the remaining units before deciding what to do with the next phase of the project -- a vacant parcel facing Church Street that's zoned for eight more town homes.

Started by defunct Evanston builder Cyrus Homes Inc., Church Street Village homes originally sold from the upper $300,000s, Maher said. He concedes those prices were expensive for “a location that might have been considered more fringe” in Evanston.

Topic: