More New Condos Planned for the West Loop
According to Crain’s, Greektown in the West Loop could see another 146 condos for sale as soon as the end of next year.
My question: why?
They are still selling The Emerald, the two building development right in the middle of Greektown that is already under construction. The developers can’t even sell many of the projects that are already out there. According to Crain’s, this new project would be two 12 story buildings at 111 S. Peoria.
From Crain’s:
New condo sales in that area this year have suffered along with the rest of the downtown market. Sales during the first half of 2007 fell 35%, to 246 units, in the West Loop/River West neighborhood, compared to the same period in 2006, according to a second-quarter report by Appraisal Research Counselors. For the entire downtown market, sales have fallen 36%, to 1,800, the firm says.
The article implies the developer is aiming for next year because things will rebound. Is there anyone out there really clamouring for more product in the West Loop?