Centro 18 victim of Kimball Hill bankruptcy
A condominium project planned for Pilsen may have to wait as the developer faces financial difficulties. Kimball
Hill had planned to build Centro 18, a 387-unit condo project, on 18th street in the commercial district of Pilsen.
However, a rocky real estate market hit the developer hard, and Kimball Hill has become the latest Chicago-based developer to have to file for bankruptcy. The
company filed for bankruptcy protection last week.
Centro 18 faced a lot of scrutiny from neighborhood organizations, who argued that the development did not provide enough affordable housing for the traditionally
middle class neighborhood. Kimball Hill agreed to offer 21 percent of the total units at below market rates.
Now, the developer is looking to sell the land on 18th Street. The development is the latest of several planned condominium projects around the city that have
faced financial difficulties. Several projects are being converted into rental units, such as Burnham Pointe.
It’s a difficult market for Chicago Real Estate these days. However, buyers who are able to qualify for financing and
willing to take a chance are starting to see great deals on condos, single-family homes, and land in neighborhoods all over the city.
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