Lincoln Park 2520 is the next big luxury condo development planned for Chicago’s coveted Lincoln Park neighborhood. In view of securing a $170 million loan last week, the developers of Lincoln Park 2520 have decided to increase the size of the project from 198 units to 229 units. The scale of the condo was previously cut back as a result of the struggling housing market.
The 3-building complex is currently under construction on the grounds of the old Columbus Hospital, overlooking Lincoln Park’s North Pond. Located at 2520 N. Lakeview Avenue, the site is across the street from the community’s sprawling parkland and Diversey Harbor. It is also an easy walk to loads of shops, cafés, restaurants, bar, businesses and other local amenities.
The condos were designed by world-famous architect Lucien Lagrange. Each property reflects super high-end finishes and spacious floor plans with up to four and five bedrooms. Square footage for the residences range from 900 to 4,700, with prices starting at $1 million. Penthouses can be up to two times the size (8,000+ square feet) and cost as much as $11 million.
Additional financing has helped this project get back on track and also proves a positive sign for the rebound of Chicago’s real estate market. Lincoln Park 2520 is one of the biggest residential endeavors in the city to get financing since the beginning of 2007. And the last large-scale new construction condominium built in the neighborhood was 2120 North Lincoln Park, which was finished in 2001. According to developers, nearly a third of the units at Lincoln Park 2520 are already under contract. First delivery is slated for early 2012.
