During the boom years, a developer put up three eight-unit buildings—called Renaissance on Kimbark—in Chicago’s Woodlawn neighborhood. All the units sold out, but when the banks stopped lending, the developer was unable to begin a planned fourth building.
The Northbrook-based Premium Builders bought that site, and in June 2010 it began construction of an eight-unit structure at 6457 South Kimbark Avenue. Premium’s president, Lewis Korompilas, is sticking with the earlier developer’s plans, although he has upgraded the original finishes. “I give you better tile, bigger crown moldings, custom-built cabinetry, and a better line of appliances,” he says. Those upgrades helped the building win the 2011 Bruce Abrams Award, given annually by the Chicago Association of Realtors for well-crafted, affordable housing.
Each of the three remaining units has 1,600 square feet and is priced at $250,000 (which includes a space in a secured parking area behind the building). Hasani Steele of @Properties is handling sales. Korompilas has already made plans for another building south of this one; construction there should be completed next year.
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Photograph: @PropertiesEdit Module