Chicago Condo High-Rise Gets Funding to Move On

August 16, 2010

A Chicago developer has secured a $170-million loan to finish Lincoln Park 2520, one of the largest residential construction projects in Chicago to get financing in more than three years and the first condominium high-rise to be built in Lincoln Park in more than three decades.

Lincoln Park 2520 overlooking the North Pond.

Lincoln Park 2520, located on 3.4 acres at 2520 N. Lakeview Avenue, the former site of Columbus Hospital, was designed as luxury residences with unobstructed views of Lincoln Park, Lake Michigan and the city skyline.

Ricker-Murphy Development LLC started selling the condo units in early 2007 before the market collapsed and the project was stalled.

On Monday, Ricker-Murphy, and the GE Pension Trust advised by GE Asset Management, said that the $170-million loan to finish Lincoln Park 2520 is coming from a consortium of lenders led by the America’s Division of Japan’s Sumitomo Mitsui Banking Corporation.

When completed, Lincoln Park 2520, which was designed by Chicago’s award-winning Lucien Lagrange Architects, will offer 229 condominiums in three connecting sections — a 16-story south tower, a 22-story north tower and a 39-story central tower.

Homes will have one to four bedrooms and 899 to 4,703 square feet with prices from $1 million to $5.7 million.

Penthouses will be 3,500 to 8,300 square feet and will be priced from $4 million to $11 million.

The developer reserved the right to file an amendment with the city to add up to six stories and 31 additional homes if the market calls for it.

Amenities at Lincoln Park 2520 include a fitness center, an indoor pool, a movie theater, a meditation room, a 1.25-acre private landscaped park, a dog exercise area and paw wash, a play lot, a 24-hour doorman and 498 underground parking spaces.

The developer said the project will create 429 construction-related jobs, 50 architectural and engineering jobs and 40 other full-time positions.

Construction is underway, and completion is expected in the summer of 2012.

“The construction of Lincoln Park 2520 is a welcome event not only for the 43rd Ward but also for the city of Chicago,” said Vi Daley, 43rd Ward alderman. “This project is going to create much-needed jobs and allow one of Lincoln Park’s most prominent development sites to finally reach its full potential.”

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