May
28

Stark South Loop Skyscraper Moves Into Foreclosure

May 28, 2010

Remember that infamous TV show in 1986 when Geraldo Rivera opened Al Capone’s vault, only to find nothing? That Chicago site is once again in the news for being empty.

Chicago's Lexington Park is like a ghost town.

For almost 100 years, the property, near Michigan Ave. and Cermak Rd., was the former site of the Lexington Hotel, the place where Chicago gangster Al Capone had his headquarters from 1928 to 1932. The hotel was razed in 1995 and a residential skyscraper was eventually constructed.

Lexington Park Condominiums, 2138 S. Indiana Avenue in the South Loop, has two buildings; a 35-story high rise with 297 condos and an adjacent seven-story low rise with 36 lofts. Of the 333 units, buyers have closed on only three lofts.

Its developer, Ireland-based Chieftain Group, lost the property through foreclosure last week. According to Crain’s Chicago Business, the building is the city’s largest condo tower to be taken over by its lender during the current housing crisis.

The tower was the first LEED-certified condo building in the South Loop neighborhood. Amenities include a fitness room, dog run and 15,000-square-foot rooftop terrace. The units have floor-to-ceiling windows, bamboo flooring and open floor plans.

About half of the condo units in Lexington Park have been under contract, but it remains to be seen how many deals will actually close considering the drop in condo values.

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