A new 342-unit condo project on Roosevelt Road is now being converted into apartments. Centrum Properties, the developer had 60% of the condo units under contract but due to the shift in the real estate market, a sufficient number of sales had not been reached which would allow lenders to provide financing for the contract buyers to close.
The Lofts at Roosevelt Collection, at 150 W. Roosevelt Road, is the second South Loop condo project to go rental in the past two years, after Burnham Pointe, a 298-unit high-rise at 730 S. Clark St. Rents in the Centrum project will start at $1,375 a month for a one-bedroom unit and $2,300 for two bedrooms.
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