Chieftain Construction undertake development in Chicago
A Limerick propty developer is expecting all plain sailing in his newest high-flying venture.
Ger O'Rourke, the skipper of Yacht Chieftain that famously won the Sydney Hobart Yacht Race last December, and owner of Chieftain Construction has taken to the shores of Chicago's Lake Michigan for his latest challenge which will see him develop 333 condo homes on Chicago city's prestigious South Loop neighbourhood.
The Limenckman is depending on the calm and tranquil waters of Chicago's famous landmark to attract buyers to the exclusive development to be called Lexington Park, which will be built on the site of the former Lexington Hotel.
"For three or four years h we have been lookipg to oJ build in the United States. Ui We originally looked in New York and in Boston but property prices there have climbed so much that appreciation capacity was more limited," Mr O'Rourke said.
"With both strong employment and economic growth we are confident that there is major appreciation potential and inherent value in Chicago. We remain on the look out for other suitable sites in the US and elsewhere," he added.
The new con dos will have an average sale price of $325 per square foot and unit prices in the new development range from $210,000 up to $650,000 for prime penthouse units.
The site of the original Lexington Hotel was made famous as the location from which the Mafia Godfather Al Capone spread havoc across Chicago during the prohibition years and hatched the plans for the St Valentine's Day Massacre.
It is also within walking distance of Millennium Park, the lakeshore walks along Lake Michigan including Museum Campus, Burnham Harbour and 12th Street Beach. The majority of units have uninterrupted views over Lake Michigan and Soldier Field, which is home of the Chicago Bears American Football Field to the north, east and south, views of downtown Chicago to the north and China Town to the west.
Chieftain is an established developer of mixed-use, commercial and residential projects and recently announced its involvement in the Tshwane International Conference and Convention Centre in South Africa.
Since its establishment in 1992 Chieftain Group has successfully procured in excess of £1 billion worth of construction projects in Ireland, South Africa, Eastern Europe, the UK and Chicago. Turnover in 2006 will be excess of €50 million.
Lexington Park will be launched with HOK in Dublin on May 5th. and 6th. 2006.