It’s been a good year for Bob Ranquist and his real estate company Ranquist Development Group.
On the heels of breaking ground on its 28-unit condo project District House, located at the corner of Lake Street and North Euclid Avenue, the developer announced in April a project to build four so-called rowhomes on Harrison Street in the Oak Park Arts District.
Those four new residences, which will take the place of a one-story commercial building that will be soon be razed, sold for around $550,000 each before Ranquist even broke ground on the project. An existing pair of two-story bookends to the new construction will be renovated as part of the project.
Back in the city, Ranquist did the same thing – selling buildings before construction began – but with 47 rowhomes at the former site of the Cabrini-Green buildings in a joint project with CMK Cos.
“We were in the right place at the right time,” Ranquist said of the Cabrini-Green rowhomes dubbed Basecamp River North. “That will never happen again in my career.”
Those rowhomes run between $500,000 and $750,000, Ranquist said.
He said the Flexhouse project will break ground in late September or early October, and construction will take roughly eight months.
The construction of District House is further along, the building is expected to be ready for occupancy in April or May of 2018, and the units are 60 percent sold, Ranquist tells Wednesday Journal.
What’s next for Ranquist?
The company already is looking in Oak Park but Ranquist said they have yet to find a location for their next development.