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Under Way In Wicker
Chicago Sun-Times
by David Roeder 3/5/08

 

Plenty of neighborhood condo developers are doing well enough just to hang on to their land right now. But Robert Mosky, chairman of RDM Development, is able to do better. He's started building a 33-unit development in Wicker Park that will include 20,000 square feet for retail and an unusually generous 111 parking spaces, some of which will be reserved for shoppers and visitors.

The parking component is one reason the development at 1624 W. Division has enjoyed broad local support. Neighborhood groups didn't want a retail-only building there. Mosky's project, called Vision, calls for two- and three-bedroom units and thus is geared to families. Prices start at $449,900 and the Web site is visioncondominium.com.

In a separate project, RDM has been able to tout a competitive advantage. Its 1400 N. Lake Shore Drive building, a sprawling 391-unit property where it is carrying out a condo conversion, has gotten landmark status for property tax purposes. That gives buyers an eight-year freeze in their assessments, something few other condo deals can match. RDM said 75 percent of the building is sold. Prices for studios currently start at $144,900.