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CHICAGO-James Psyhogios, sales manager with developer Frankel & Giles, says it took three weeks to get 65% of the North Tower in the X/O Condominiums complex leased up, and more interest is out there for the two-building site at 18th Street and Prairie Avenue in the South Loop. The whole complex will have 487 units: 10 townhomes, 275 condos in the 45-story North Tower and 202 condos in the 34-story south tower, which will see sales start in the spring.

Frankel & Giles is marketing the project for the Kargil Development Partners LLC. Psyhogios tells GlobeSt.com that the South Loop is the latest location Downtown for the condo craze, though his firm has been building in the area for 20 years. “This is the best place to invest in the city,” Psyhogios says. “We’ve got 27 projects in the South Loop.” He says the X/O complex, designed by local architect Lucien Lagrange, will see construction start in November and delivery in the fall 2009.

Condos in the north tower are expected to be priced from the $200,000s to $2 million. The companies did not provide prices for the condos in the south tower. A 13,000-sf activity center will be crowned with a sun deck. About 600 parking spaces are also planned.

Other Kargil projects include conversion of the historic building at 888 S. Michigan Ave. into 36 residential condos and the 17-story Dearborn Tower, a former industrial building at 1530 S. State St., into 317 residential units. The company also previously restored and converted the Roosevelt Hotel into 42 residential rental units with ground-floor retail.

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