Eighty percent of the condos at Canal Crossing—a 60-unit building at 2318 South Canal Street—have already been sold, even though the place won’t be ready to welcome residents until early 2009.
“Everybody talks about a housing slowdown, but I don’t see it,” says See Wong, whose Wabash Properties has built more than 1,000 residential units in Chinatown and Bridgeport over the past 20 years. “I have a niche that seems economy proof,” he says, referring to the recent immigrants who have been saving for a home since arriving in Chicago from China.
The seven-story Canal Crossing has a clock tower and five first-floor retail spaces. Each residential unit has a balcony, but few other frills. “[The new owners] don’t want to spend for special appliances or amenities,” Wong says. “They have been working hard to save money to buy enough space for their family.” Prices for the 12 remaining units start at $249,000- for a 928-square-foot two-bedroom condo- and top off at $328,000, which buys a 1,200-square-foot three-bedroom condo.
Just south of Archer Avenue, Canal Crossing sits immediately west of Chinatown proper, but Wong already has plans for other projects nearby. “We’ll create another residential area for Chinatown,” he insists.
Photograph: Courtesy of CMK Realty Corporation