Here’s the dilemma: You’ve bought your pre-construction condo, but what do you do until it’s ready to be occupied?
Lendlease, developer of The Reed, a 41-story luxury high-rise in the Southbank master plan development, has found a solution.
Its new Lease + Buy program enables future residents of The Reed — scheduled to open in 2023 — to relocate temporarily to The Cooper, a rental property also in the Southbank development, until their condo is ready for occupancy.
The offer is also available at the 350-unit Cirrus condominium development — set to open this fall — under construction in Lakeshore East. Cirrus pre-owners can opt to temporarily relocate to the adjacent Cascade apartment building.
The program also allows these temporary renters to recoup 50% of the rent they pay (up to 2.5% of the sales price) during construction as a credit toward their condo at closing.
“This program gives sellers who are looking to buy new construction a cushion they wouldn’t otherwise have,” said Ted Weldon, executive general manager of development for Lendlease’s Chicago office. “Rather than scramble to find a ‘landing pad,’ they can start establishing roots in their new neighborhood and live in a fully amenitized building while their future home is constructed next door.”