Condo Prices Fall on Lemont Condos

Developer tugs down cost of Lemont properties near historic channel

LEMONT $134,000 to $369,000

The nascent walking, shopping, and dining district in a former industrial area alongside the I&M Canal in Lemont has as its cornerstone a cluster of urban-style condos above new retail spaces. “[But things haven’t] gone as fast as we had hoped back in 2006,” says Jeff Prosapio, the director of project management for the Marquette Companies, which built Front Street Lofts.

Price cuts in 2010 have helped rekindle interest. After making discounts averaging about 50 percent, Marquette has sold another 47 condos in the 82-unit building. Twenty-three remain for sale.

For $134,000, buyers can get a 723-square-foot one-bedroom unit with a loft look (poured concrete walls and exposed mechanicals); $369,000 buys a two-story three-bedroom unit with about 2,230 square feet and a more finished look. The purchase price includes a spot in the complex’s parking deck. All the units are completed and ready for occupancy.

Send tips about home sales to dennis@rodkin.com.

Photograph: Ryan Hill Realty

This article appears in the July 2011 issue of Chicago magazine.

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