Not SoHo…SoNo

The development taking shape near the model units–1454 N. Dayton–at the western edge of Old Town/Lincoln Park called SoNo is a play on the location (South of North Avenue). The 28-story condominium tower designed by Laurence Booth with Smithfield Properties will feature 275 one-, two- and three-bedroom units and 15,000 square feet of retail space. This area has a load of attractive entertainment options, including Steppenwolf Theatre and nearby shopping  such as Crate and Barrel, Best Buy, The Container Store and the new REI.

The location is an interesting gamble because most of the neighbors are still primarily commercial/retail. Also, directly southeast of this area is the soon-to-be-former Cabrini Green Housing Project, now part of the Near North Redevelopment Initiative. The CHA has been slowly relocating residents from the notorious high-rise buildings in the housing project to less blighted mixed-income developments such as North Town Village but there are still between 2,000 and 4,700 residents in the towers. Demolition continues and relocation is supposed to be fully complete by the end of 2008.

When complete at the end of the year, units in SoNo will range in size from 788 to 1,656 square feet.  Pricing starts in the high $200,000 range for a one-bedroom.

How does the new construction pricing compare with other units near the Clybourn Corridor? We’ll compare using a 2-bedroom/2-bath unit currently listed on Redfin:

860 W BLACKHAWK St #1402
Price: $505,400
Beds: 2
Baths: 2
Sq. Ft.: 1,416
$/Sq. Ft.: $357
Assessments: $505

Nearby condominium units of similar quality:

Price: $475,000
Beds: 2
Baths: 2
Sq. Ft.: 1,650
$/Sq. Ft.: $288
Assessments: $193

Price: $509,900
Beds: 2
Baths: 2
Sq. Ft.: 1,700
$/Sq. Ft.: $300
Assessments: $119

1520 N CLEVELAND Ave #2
Price: $520,000
Beds: 2
Baths: 2
Sq. Ft.: 1,580
$/Sq. Ft.: $329
Assessments: $135

1872 N CLYBOURN Ave #307
Price: $595,000
Beds: 2
Baths: 2
Sq. Ft.: 1,800
$/Sq. Ft.: $331
Assessments: $457