Get a New Construction 3-Bedroom Condo in Lincoln Park for Just $333,734: 869 W. Blackhawk
This 3-bedroom in The Seng at Wendelin Park at 869 W. Blackhawk in West Lincoln Park came on the market in February 2023 as new construction but was listed on the MLS in July 2023.
The Seng at Wendelin Park is a new construction 34-unit condo building by Structured Development. It has attached garage parking.
There is no doorstaff but it has an elevator, a rooftop terrace with city views, bike storage and an exercise room.
It is part of a 3-building development overlooking Wendelin Park which is a public space right next to the building.
The Seng is the first large all-affordable condo building in the city.
From Urbanize Chicago:
The Seng offers two-, three- and four-bedroom units for income-qualified households earning up to 120% of the Area Median Income (AMI). Buyers also must be preapproved for a traditional, FHA or VA loan and be certified through a homeownership program administered by the Chicago Housing Trust.
The units originally came to the market in February 2023 and it appears there was high demand for the 2/2 units. Here’s what Block Club said happened in February.
- Two-bedroom applications are accepted Feb. 27-March 10. Due to high demand, a lottery drawing will decide buyers March 16.
- Three-bedroom condo applications will be accepted on a first-come, first-served bases starting Feb. 27. At least three people must be in a household to apply.
- Four-bedroom applications require four or more people people in a household and are also accepted on a first-come, first-served basis beginning Feb. 27.
In October 2023, Urbanize Chicago announced that 20 out of the 34 units had sold or were under contract, which is more than 50% of the units.
The prices are as follows:
- Two-bedroom floor plans range from 824-868 square feet and are priced from $285,134;
- Three-bedroom residences range from 988-1,186 square feet and are priced from $333,734;
- Four-bedroom homes range from 1,153-1,378 square feet and are priced from $374,696.
This 3-bedroom on the 5th floor is still on the market.
The unit has 9 foot ceilings and exposed ductwork.
There are laminate wood floors in the living/dining room and kitchen. The bedrooms have carpet.
The kitchen has two-toned modern cabinets, quartzite countertops, a Kohler chrome faucet, and GE stainless steel appliances.
According to the floor plan, all 3 bedrooms have windows. None of the bedrooms are en suite.
This unit has the features buyers look for including central air, washer/dryer in the unit and deeded garage parking is included.
There’s no balcony or private outdoor space.
This building is near the shops and restaurants of North and Clybourn, including the Whole Foods, the Mariano’s and the AMC at New City. The Red Line and multiple bus lines are nearby.
Listed at $333,734, is this a good city home for a small family?
Jordan Euson and Christine Glass at Compass are handling the sales. See the pictures and floor plan here.
Unit #501: 3 bedrooms, 2 baths, no square footage listed
- New construction
- Listed on the MLS in July 2023 for $333,734
- Currently still listed at $333,734
- Assessments of $375 a month (includes parking, security, exercise room, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes are “new”
- Central Air
- Washer/dryer in the unit
- Deeded garage parking included
- Bedroom #1: 13×10
- Bedroom #2: 13×10
- Bedroom #3: 11×10
- Living room: 12×9
- Kitchen: 13×10
- Dining room: 12×5
Looks to be around 900sf.
Could be a good deal or could turn into a complete shit show, all depends on the owners
Does the Housing Trust have a ROFR or some other means to protect the affordability after the initial sale?
When was it decided and by whom that 90% of new apartment building construction should resemble shoeboxes? The situation reminds me of how all the Detroit automobiles looked the same (boring) in the early 1980s. Sad.
“When was it decided”
case by case, but need I point to the architecturally significant 4+1s of your youth? This ain’t new.
“by whom”
Bean counters. There are maybe 4 architects in history who *want to* design this sort of thing, but gotta pay the bills somehow.
“When was it decided and by whom that 90% of new apartment building construction should resemble shoeboxes?”
This isn’t an apartment building, but I understand your point because many new apartment buildings DO have smaller units.
It’s really about costs Dan #2. The land is expensive. Materials are expensive. In order to make the numbers work, they have to fit more units in the same amount of space OR they have to charge much more for apartment/condo.
Chicago has built 800 square foot 2/2s in the past. Last time was in 2003-2008, during the boom years.
Also, I feel that Americans are kind of spoiled about these massive, grand apartments/condos. An 800 sq foot 2/2 in Paris will have a dining room. The difference is that you don’t have a massive kitchen (with a waste of space island) or massive bathrooms the size of a bedroom with both a shower AND a separate tub. Also don’t have walk-in-closets (another waste of space) but will have the built in armoires/closets in the wall.
JU (or anyone else with some experience):
Think that the ~$325 psf prices are reasaonbly representative of the actual hard cost of this building alone? Or are they capturing some allocation of soft as well at that pricing? Obv not making a profit on this, other than by way of whatever bonuses/other considerations applied to the rest of hte project.
“Obv not making a profit on this, other than by way of whatever bonuses/other considerations applied to the rest of hte project.”
How do you know?
The city is giving them a massive tax break, for starters. Probably got money for this project as well.
City and state incentives.
This is from Crain’s but is talking about the set aside in the new residential apartment high rises. I’m sure they have something similar for new condo buildings, as well.
https://www.chicagobusiness.com/commercial-real-estate/residential-developers-chicago-affordable-requirements-ordinance
That’s because lawmakers in Springfield also last year approved generous property tax breaks for residential projects with a 20% affordable set-aside. Combined with the state’s carrot, the city’s regulatory stick now works a lot better. Projects that wouldn’t have made financial sense without the tax incentive do now.
“There is terrific alignment between the ARO and the state legislation,” says Chicago attorney Rich Klawiter, partner and co-vice chair of the U.S. real estate practice at DLA Piper.
“I’m sure”
How do you know?
“How do you know?”
Don’t know too many developers who build building in really lucrative neighborhoods in major cities and put the units at below market rates out of the goodness of their hearts. There are big incentives on these projects, as we’ve seen on the apartment buildings. The city, and the state, want more affordable housing. Viola. More affordable housing.
What I find interesting about it is that you actually have to have 3 family members or 4 family members living in the bigger units. You can’t qualify on income and then get two or three roommates to help you split the cost. They want families living in these units.
Good point about 4 + 1’s – these are nearly as bad.
“Don’t know too many developers” that do XYX.
well, ok then. Did Suzanne research that?
“There are big incentives on these projects”
There are big REQUIREMENTS on these projects. And if you read any of the (many!) articles about the overall project, even with the Seng, they are NOT meeting their ARO requirement 100% on site, which means that they DO NOT meet the requirement for the property tax break. Which, btw, did not exist when they planned the project–the Seng might have another couple of floors if it had.
I find ZERO evidence that this overall project (Seng, Post Chicago, and Foundry, together with Wendelin Park and the rock climbing gym on Dayton) got a single dollar of LIH cash/investment.
“There are big REQUIREMENTS on these projects. And if you read any of the (many!) articles about the overall project, even with the Seng, they are NOT meeting their ARO requirement 100% on site, which means that they DO NOT meet the requirement for the property tax break. Which, btw, did not exist when they planned the project–the Seng might have another couple of floors if it had.
I find ZERO evidence that this overall project (Seng, Post Chicago, and Foundry, together with Wendelin Park and the rock climbing gym on Dayton) got a single dollar of LIH cash/investment.”
Not supporting Sabrina’s thesis and I dont care to expand the brain damage to look it up, is LIH strictly prescriptive? My limited experience w/ housing is the financing is murky as all get out and the laws are written where there is a fair amount of discretion allowed (Utility improvements that service multiple buildings carried 100% by housing programs, etc)
“is LIH strictly prescriptive”
No, of course not.
But there isn’t anything I can find (gthooi) that supports the project receiveding LIH funding, and the project doesn’t qualify for the property tax abatement that was referenced.