Price Incentives Help Chicago Suburb Development Achieve Sales

By Erika Schnitzer, Associate EditorRoselle, Ill.–Park Street Crossing, a 62-unit transit-oriented luxury condominium community developed by Park Ridge, Ill.-based Norwood Builders, is now 50 percent sold.For a limited time, buyers can take advantage of price incentives, with condos selling for less than $200,000. “We tried to create an incentive to provide people with the opportunity to buy now,” says Bruce Adreani, president of Norwood Builders. “We are trying to cater this to first-time homebuyers.”The development offers one- and two-bedroom residences, ranging in size from 896 to 2,171 sq. ft. Base prices range from $219,900 to $475,000. Each residence includes a heated indoor parking space, a private balcony and in-unit laundry, in addition to a storage space.Additionally, residences feature in-floor radiant heating, which, as Adreani notes, helps to decrease residents’ energy bills, which combined with the brick building, makes the development more energy efficient.The ground floor of Park Street Crossing is comprised of approximately 8,000 sq. ft. of retail space, including Anytime Fitness. Norwood has also recently leased out space to a restaurant, says Adreani, and the development is in close proximity to grocery stores and other retail. Additionally, Roselle is a “park-friendly suburb,” with a community pool and bike trails.Located in Roselle, a suburb west of Chicago that is bound by two major expressways, Park Street Crossing is situated approximately 25 minutes from downtown. A 10-minute walk to the train station, the development is in a “good commuter location,” Adreani says. Construction on the building, designed by Gurnee, Ill.-based Haylock Design, is almost complete, expect for some remaining units that need to be built out. Park Street Crossing also offers immediate move-in residences.