The conversion of the 25-story building at Dearborn Street and Delaware Place is creating 185 units averaging 775 sf. The Ambassador West conversion is creating 39 units averaging 3,200 sf. The 33 W. Delaware Pl. conversion also will create 15,700 sf of retail space as well as 114 parking spaces.
Corus Bank made its decision within one week of American Invsco's application, says senior vice president John R. Markowicz. The deal involved closing the sales of 119 condominiums, putting the conversion effort at the 65% mark.
Sales at 33 W. Delaware Pl. have averaged $348 per sf, according to Appraisal Research Counselors' second quarter Residential Benchmark Report, or about $275,000 per unit.
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