GenOne Group, a Chicago-based developer, announced plans for 63 new lofts at 3021 W. Carrol Avenue in East Garfield Park.
The former factory will be restored and converted into modern lofts with floor plans ranging from 900 square feet to 1,100 square feet.
The developer is planning to offer many units at rates below current market prices. Prices for the several units will start at just under $150,000, with half of all of the units priced under $180,000.
Sales of the lofts will begin early next year.
The market for condominiums in East Garfield Park is showing some signs of strength despite the drop in sales citywide. However, the market is small compared to other neighborhoods around Chicago.
According to the Chicago Association of Realtors, a total of 20 condominiums were sold during the second quarter of this year, the highest the neighborhood has ever seen.
The average turnover time in the neighborhood has dropped. It now takes an average of 85 days to sell a condo in East Garfield Park. This is 15 days less than the average for all of Chicago.
There are several new Chicago Lofts under construction around the city.
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