1400 Monroe breaks ground, builders offer new buyer incentives

by Meg White

Much-anticipated West Loop building breaks ground

It’s been a long time coming, but late last week, Developer JK Equities, announced that construction has officially commenced at the future site of 1400 Monroe.

“These have certainly been unprecedented times, however we’re very pleased that we’ve been able to press ahead with construction and strong sales,” Jerry Karlik, principal of JK Equities, said in a press release.

The 42-unit, seven-story luxury condominium building in the West Loop is currently more than 40% sold and expected to be delivered by summer 2021. Sales are being led by ON Collaborative, which was recently sold by NRT back to its president and founder, David Wolf.

Wolf said the price range for the building’s units — from the $760,000s up to $1.39 million for a mix of two- and three-bedroom condos — puts the development in a competitive sub-niche for the luxury market. “It’s impossible to not see the value of 1400 Monroe, especially in the mid-range luxury market that families and young buyers are seeking out,” Wolf said.

While it’s been put off for now, there are plans to host a traditional groundbreaking celebration once the city has reopened enough to allow for larger events.

Gateway Northbrook launches clean-air initiative

In response to concerns sparked by the novel coronavirus, Deerfield-based The Jacobs Companies announced a new “Healthy Home” initiative at its development in Northbrook.

The eco-friendly features that will now be considered standard at the townhome community include cabinetry that has fewer emissions of formaldehyde and other volatile organic compounds, hypoallergenic hardwood flooring, enhanced HVAC systems with MERV 13 filters and low-VOC paint. The company is also offering a $10,000 credit so that buyers can make additional enhancements to their homes, such as enhanced water or air filtration systems.

“Healthy, sustainable homes have been at the forefront of our efforts at The Jacobs Companies for years, but it has taken on a heightened importance during COVID-19,” Keith Jacobs, president and CEO of The Jacobs Companies, said in a press release. “We have always believed that if we improve the indoor living space and strive to make a low impact on the environment, we can improve the health and wellness of our homeowners as well as the world we live in.”

M/I special discounts on offer June 20

Now that its sales centers around Chicagoland have reopened for in-person visits, M/I Homes is celebrating by bringing back its “Midnight Madness” sale on June 20. The company will have a variety of special offers available during a 12-hour period between noon and midnight this Saturday.

“We’ll be offering a range of bonuses and discounts on features, finishes or home sites, which vary from community to community,” said Cheryl Bonk, vice president of sales and marketing for M/I Homes. Buyers will have access to credits and savings that won’t be announced until the day of the sale, but also, M/I Homes will handle portions of closing costs for qualifying buyers who use M/I Financial to fund their purchase.

Due to continuing social distancing guidelines, the company is encouraging interested buyers to make an appointment, and is asking all attendees to wear face coverings when visiting sales centers.

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