ML - Michigan Avenue

2014 - Issue 2 - Spring

Michigan Avenue - Niche Media - Michigan Avenue magazine is a luxury lifestyle magazine centered around Chicago’s finest people, events, fashion, health & beauty, fine dining & more!

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Page 134 of 147

PHOTOGRAPHY COURTESY OF LG DEVELOPMENT After the Fall CHICAGO'S REAL ESTATE SCENE WELCOMES A BRAVE NEW ERA OF SPEC BUILDING. BY JUDITH NEMES continued on page 134 L uxury homes built on spec in Chicago's toniest neighborhoods are back with a vengeance. Developers who were reluctant to take on the risk of constructing deluxe dwellings without bona fide buyers for properties in Lincoln Park, River North, Lakeview, Bucktown, and else- where in 2008 and beyond are now building on spec again, at a faster clip than they can recall in recent memory. Demand is so hot for some of these homes that many aren't even completed before the ink dries on buyers' contracts. Case in point: Ken Brinkman, president of Environs Development (3060 N. Lincoln Ave., 773-665- 8170; environsdevelopment.com), reports that two sumptuously appointed Lincoln Park homes on the same block that he began constructing on spec last fall—a majestic 8,600-square-foot home at 1874 MICHIGANAVEMAG.COM 133 Haut e P roperty NEWS, STARS, AND TRENDS IN REAL ESTATE Custom millwork in a Lincoln Park spec home from LG Development. 133-134_MA_HP_Opener_Spring_14.indd 133 2/12/14 10:53 AM

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