A condo development approved in late 2016 and expected to be well on its way to completion by now won’t break ground until later this year due to market conditions.
Developer Art Gurevich asked River Forest’s board of trustees Jan. 8 for an extension on the construction deadline for the proposed 18-unit, luxury condo buildings, citing a difficult market and need to make a slight change to the plans.
Trustees unanimously approved the extension, making July 30, 2018 the new day shovels must hit the ground at Thomas Street and Bonnie Brae Place in River Forest, 1101 to 1111 Bonnie Brae Place.
“Everything is going fine, we are trying to market the property,” Gurevich said. “Obviously, the real estate market is a little bit soft now. We saw some signs of improvement in the last couple of weeks, and we’re hoping it’s going to get better. Obviously it’s a private development, so there’s financing involved.”
Gurevich said he’s pre-sold two condos and that he’d like to sell two more before construction begins. He previously told the village that five condos must be under contract before construction can begin.
In an effort to spur sales, Gurevich said he’s working with a local marketing agency to print brochures and fliers, expand Bonnie Brae’s online presence and rework the sign to hang on the property. Gurevich did not specify which marketing agency he was working with.
“When you build it they will come,” he said. “But I can’t tell that to the bank, so we need to put more time in and more effort and we will get there.”
Gurevich also mentioned a slight change was needed to the building setbacks, so he needed to go to the Development Review Board to get the change approved before construction could begin.
He previously said he hoped construction on the project could begin in spring 2017 and be complete by the end of 2018. He did not specify a new date the project would be complete now.
“The sooner the better,” said Village President Cathy Adduci.
Once construction is complete, a three-story condo building comprising 15 units will rise from 1101 to 1107 Bonnie Brae. A total of 56 parking spaces will be provided on the building’s ground floor and underground parking area.
An existing six-unit apartment building at 1111 Bonnie Brae will be converted to a three-unit condo building, one unit per floor. A new parking garage will also be constructed.
Gurevich has said units will range from 1,800 to 3,000 square feet and will list from $860,000 to more than $1 million. The project was first unveiled to the village board in September 2015.