Chicago-based Structured Development has announced The Seng, its new all-affordable condominium building on Chicago’s Near North Side, is more than halfway sold out, with 20 of its 34 below-market-rate homes closed or under contract. Resident move-ins are now underway.
“Having over half of The Seng units under contract illustrates the demand for entry-level homeownership in gentrified neighborhoods like Lincoln Park,” said Mike Drew, co-founding principal of Structured Development. “We are proud to be a part of the buyer’s homeownership journey, particularly at a time when working Chicagoans are faced with rising expenses and a shrinking supply of attainable for-sale housing options. We look forward to welcoming additional residents to The Seng and helping them in their very first opportunity to build wealth through homeownership.”
The Seng offers two-, three- and four-bedroom units for income-qualified households earning up to 120% of the Area Median Income (AMI). Buyers also must be preapproved for a traditional, FHA or VA loan and be certified through a homeownership program administered by the Chicago Housing Trust. Two-bedroom floor plans range from 824-868 square feet and are priced from $285,134; three-bedroom residences range from 988-1,186 square feet and are priced from $333,734; and four-bedroom homes range from 1,153-1,378 square feet and are priced from $374,696. The Chicago Housing Trust began accepting applications for The Seng earlier this year.
Designed by GREC Architects, the five-story development at 869 W. Blackhawk is the first all-affordable condo building of its kind in Chicago. It is one of three new residential buildings in Structured Development’s Wendelin Park master plan, which includes a mix of affordable for-sale, co-living and market-rate rental housing oriented around a new publicly accessible park.
Residences at The Seng showcase large windows that fill the homes with natural light, 9-foot ceilings and modern finishes. Kitchens feature GE stainless steel appliances, Kohler chrome faucets, quartzite countertops and two-tone cabinetry. Condos also include in-unit laundry, and each comes with a deeded garage parking space. Accessible residences are included in the development’s unsold inventory.
Shared amenities include a communal rooftop terrace with sweeping views of the city; secure bike storage; and a fitness center equipped with treadmills, stationary bikes, elliptical equipment and weights.