Friday, August 15, 2008

Englewood Gets Condo Conversion

CPR:
Englewood has one of the highest foreclosure rates in Chicago. So it may come as a surprise that one local developer is going out on a limb by marketing a new property as the neighborhood’s first condo conversion. But it may be another symbol of the South Side neighborhood’s attempt to turn the tide on a history of disinvestment and housing woes.

I’m standing in front of a vintage greystone on 64th and Stewart. The building is graceful and the landscaping is elegant. On either side there are vacant lots, a norm for Englewood. Inside, workers are converting the building into a six-unit condo.

Doesn’t sound like a big deal, right? But in Englewood, there’s hardly a glut of development.

I get a tour of the model unit. Maple floors, stainless steel, granite countertops, a garage being built out back. Developer Beth Vorwaller says she’s trying to bring North Side accoutrements to the South Side.

VORWALLER: I like the idea of if I can make a little bit of money, but offer upgrade a neighborhood, I’d rather do than work in already expensive neighborhoods. I’m a big supporter of the South Side.

This building Vorwaller purchased for this project had sat vacant for two years after the bank foreclosed on it. The city gave Vorwaller some tax incentives to build, and the units range from $135,000 to $215,000 for a duplex.
If Englewood is coming back this could be the start. Think about it.

1 comment:

  1. I hope it works out, but there are far too many shuttered condo buildings, half-finished and unsold, in supposedly less-troubled neighborhoods than Englewood, so it's a little hard to be optimistic in the current market.

    ReplyDelete

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