Chinatown developer, See Y. Wong of Wabash Development Group, recently acquired a warehouse on 2401 S. Archer Ave. The space will be cleared to make way for the first phase of Eastern Towers, a new $100 million mixed-use development in Chinatown. Eastern Tower is planned in three phases on 2.5 acres on 24th Street and Wallace Avenue. City officials have approved zoning for the project.
Phase I will be a 130,000 square foot space with a mix of retail space and student condominiums. Affordable studio condos will start at $99,000. The expected price for 2-bedroom, 1-bath is $200,000. Three-bedroom, two-bath units will start at $266,000. Wong plans on opening a sales center in a month.
Phase II will include a community center and a 250,000 square foot indoor mall with a six-level parking garage.
The final phase will be a 22-story high-rise that will contain 150 condominiums and 100 deluxe hotel rooms.
Wong’s partner, Lu Li of He He Jilin Real Estate, LLC, an investor from China who is funding Eastern Towers, believes there is a high demand for condominium housing for Chinese students in the neighborhood. According to the Chinese Consulate, there are over 200,000 Chinese students attending classes in Chicago.
“We anticipate that more Chinese real estate investment dollars will be flowing into Chicago because of the rapidly expanding business relationship between China and the Windy City,” Wong told Crain’s Chicago Real Estate Daily.
The Chinatown neighborhood is roughly bordered by 18th, Canal, 26th and Wentworth. The Eastern Towers site is located in the 25th Ward.
In the past 22 years, Wong has developed a wide array of housing and commercial projects in Chinatown, Bridgeport and the South Loop for a predominantly Chinese-American niche market.