"We have closed sales of approximately 90% of the units in the 25-story Phase I tower, generating $36.5 million, and sales continue to be strong," says President and CEO Edwin Jacobson of the development in the 300 block of N. Jefferson St. "Construction loans for the project were paid off as of the end of March 2001."
Although clouds are beginning to appear on the Downtown condominium horizon, Jacobson says plans are going forward on Phase II of Kinzie Station, a 242-unit tower and eight town houses, of which 26 have been sold. Zoning has been approved by the city, Jacobson reports, and Heartland hopes to begin construction this summer.
"(Cohen Financial is) seeking sources which would allow the company to liquify a portion of its equity in the project," Jacobson says. "We have begun planning for the remaining phases of Kinzie Station. The company has proposed a significant mixed-use project including apartments, condominiums, townhomes, a national grocery store and other neighborhood retail stores, a public parking structure and recreational amenities."
Heartland also sold $20 million in property in Chicago, Milwaukee and Rosemount, MN. The real estate partnership also has an agreement to sell 14 acres in Bozeman, MT to the public library for $2.25 million.
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