DREXEL MANSION / OBSERVATORY LOFTS AND CONDOMINIUMS
Rehabilitation of a designated Chicago historic landmark known as the Hale Mansion or the Singer Mansion, as well as the vacant school building attached thereto, to be converted into 20 condominiums including 20 surface parking spaces
PROJECT TYPE: | For-Sale Housing
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DEVELOPERS: | K & L Development, Inc.: a joint venture between Paradigm Residential Development Group, Inc. and Premier Building Contractors Inc.
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GENERAL CONTRACTOR: | Premier Building Contractors, Inc.
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ARCHITECT: | Nicholas Clark Architects, Ltd.
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INVESTOR FUND: | Community Reinvestment Fund 2000 L.P.
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PROJECT OWNER: | Drexel Mansion Limited Partnership
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ADDRESS: | 4545 South Drexel Boulevard
Chicago, Illinois
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NEIGHBORHOOD: | Grand Boulevard
Located in Moderate-Income census tract (at time of initial investment)
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NUMBER OF BUILDINGS: | 2
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TOTAL NUMBER OF
RESIDENTIAL UNITS: | 20
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UNIT TYPES: | 7-1 Bedroom/1 Bath
2-1 Bedroom/1 Bath/Duplex
4-2 Bedroom/2 Bath
3-2 Bedroom/2Bath/Duplex
1-2 Bedroom/3 Bath/Duplex
1-3 Bedroom/2 Bath
2-3 Bedroom/3 Bath/Duplex
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AFFORDABILITY: | 11 units (55% of total) initially projected to be affordable to
moderate-income homebuyers
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TOTAL COST: | $3,537,804
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CRF CAPITAL
(net to project): | $ 552,000
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