An industrial site where telephones once were made is dialing a long-distance future as a residential community.
Called the Clinton Complex, it is just west of downtown and rates as one of Chicago’s largest loft condominium conversions.
Construction is scheduled to begin this spring on the development that will cover an entire block with almost 300 residential units in six buildings, landscaped open space, shops and indoor and outdoor parking for 300 cars. More than half of the units will sell for less than $200,000.
The 135 lofts in Phase 1 will range in price from $104,800 to $324,800 and in size from 950 to 1,540 square feet. Most of the units will have hardwood floors, island kitchens, ventless fireplaces and balconies.
The total residential mix will include 21 studios, 164 one-bedroom units, 33 one-bedroom plus den layouts, 64 two-bedroom units and 10 three-bedroom residences.
Buyers who work in the Loop will be able to walk to work.
The land for the Clinton Complex–bounded by Congress Parkway, Clinton, Harrison and Jefferson Streets–was acquired by MCZ Development Corp., Bernard Leviton and Jameson Realty Group from Fifield Real Estate Group.
Dating from the late 19th and early 20th Centuries, the heavy-timber buildings on the site formerly served as the corporate headquarters for Western Electric Corp., which for decades manufactured telephones, telegraphs, switchboards, police call boxes and fire boxes.
Michael Lerner, president of MCZ Development, said the conversion of multiple buildings works well because of the economies of scale: “You can have more outdoor space, a broader range of stores, better health club and lower assessments.”
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Lerner said the first deliveries of units will begin next January.
A sales center and two decorated models have opened at 500 S. Clinton St.
The rehab will include residences in two 10-story structures, one six-story and three eight-story buildings.
In addition, parking will be in a three-story rehabbed structure, a new-construction two-story garage and on the first floor of four other buildings.
Joe Kumon, vice president of MCZ Development, said the project will take about 18 months to complete.