Old Town will need another name if the historic Near North Side neighborhood continues to be transformed by new construction.
One of the new residential projects in the area is Parc Orleans, a 10-story condominimum at the southwest corner of North Avenue and Orleans Street.
Planned for 52 units by Sutherland Pearsall Development Corp., the building will offer residences that range in size from about 600 to 2,400 square feet and in price from $139,900 to $649,900.
Located in the heart of Old Town two blocks west of Wells Street, the site is now partially occupied by a hot dog stand, which is slated for demolition.
Construction is expected to begin in March or April, with first deliveries 16 to 18 months later, according to Mark Sutherland, a principal in the development company.
Studios at Parc Orleans start at $139,900, one bedroom at $214,900, two bedrooms at $229,900, three bedrooms at $399,900 and penthouses at $649,900.
Monthly assessments will be from $130 to $325.
Amenities will include granite countertops and track lighting in the kitchen, hardwood flooring in main living areas and ceilings in the units that range from 10 to 11 feet high.
All condos will have private balconies.
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The brick building will have a common area on the roof. In a neoclassical style, the structure will include aluminum and steel elements.
Indoor parking costs $25,000 to $35,000 a space. The garage will occupy floors one through three.
Two stores will be on the ground floor. Tenants have yet to be selected.
Residents of the building will be offered affiliation with the Wells Street Athletic Club, which is nearby.
The building will be within walking distance of Near North Side restaurants, shopping, the beaches, Lincoln Park and the lakefront.
The sales center for Parc Orleans is at 1546 N. Orleans St. Marketing is being conducted by First Chicago Realty.