RD659 Owner Relieved- Mental Patients To Live Elsewhere

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Courtsey @properties

An update on RD659 and the proposed Thresholds purchase:
Crain’s reported today that Mesirow no longer seeks to sell the remaining affordable units amidst resistance from residents and legislators.

More details have emerged about the breakdown of this deal.    In addition to the 19 affordable home units that were still available, Thresholds was also seeking to purchase a 20th unit back from a current owner.

According to the article:

Alderman Walter Burnett (27th), whose ward include the 237-unit project,
had vowed to block a proposed city ordinance allowing the sale unless
Mesirow and Thresholds met with building residents and got them to buy
into the idea.

Not surprisingly, the association did not back the proposed plan.  After threatening litigation, plans were dropped.

From the beginning, this sounded like a recipe for disaster and while it could have sparked the beginning of a trend (NFPs purchasing affordable/distressed condos in new developments), it may discourage others from considering similar proposals.

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Tags: development, rd659, west loop

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