The developers of one of the largest new condominium projects in Lincoln Park have replaced the development’s broker. American Invsco Corp has been replaced by Rubloff Residential Properties as the lead broker for this three-building project by Ricker-Murphy Development LLC.
Construction has not yet begun on the towers that will be located at 2520 N Lakeview Avenue, on the site of the former Columbus Hospital. Sales have been underway for the luxury condominiums at Lincoln Park 2520 since March 2007.
The developer has revamped the layout for these luxury condominiums, and now plans to build about 250 units instead of the original 325 units announced a year ago. The company will build more large units, with floor plans above 3,000 square feet. The move comes as demand for the most expensive condominiums on the market in Chicago skyrockets as sales of lower priced units drop.
The development is one of the most widely anticipated for the Lincoln Park Real Estate market, which has seen sales drop to a 17-year low during the first quarter. Just 150 units were sold around the neighborhood during the quarter, the worst result since 1991.