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CHICAGO-A threat of a condominium glut on the Downtown market isn’t slowing down Heartland Partners, LP. The master limited partnership, which has sold all but 19 of the 192 units of Phase I of its Kinzie Station development northwest of the Loop, still expects to build another 250 units of multifamily condominium and townhouse units in its second phase.

Sales of units have been somewhat sluggish – pre-sales of Phase II units have been stuck at 10% since May, and 17 units in Phase I have closed in the last three months. However, the REIT reports it has closed on the sale of 1.2 acres next to the Phase II site for $2.9 million for a parking garage. And Heartland Properties has 4 acres of air rights over Union Pacific railroad tracks to a developer for $2 million.

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