We have successfully lowered the age requirement in response to interest from younger active-adult buyers on the North Shore, particularly those pre-retirement
Wilmette, IL (Vocus) October 7, 2010
Mallinckrodt in the Park, a Wilmette condominium community, has won approval from the Village of Wilmette Board of Trustees to lower its resident age restriction from 62 years to 55 years.
The new guidelines require one member of the household to be at least 55 years of age. There is no age restriction on any other member of the household. The petition to lower the age restriction at Mallinckrodt was proposed by Mallinckrodt Renaissance LLC, the owner of the remaining 22 condominium units, with the full support of Mallinckrodt in the Park Condominium Association and the other owners at the property.
Reuben Warshawsky, Manager of Mallinckrodt Renaissance LLC and President of Chord Realty Group, said the new lower age limit will apply to all new home purchases at Mallinckrodt in the Park, effective immediately.
“We have successfully lowered the age requirement in response to interest from younger active-adult buyers on the North Shore, particularly those pre-retirement,” Warshawsky said. “We’re confident that the younger entry threshold will attract a new pool of buyers for these condominiums as there are very few options for active-adult homebuyers on the North Shore and even fewer that offer the ease of condominium living, classic styling and modern luxuries available at Mallinckrodt in the Park.”
Mallinckrodt Renaissance LLC and brokerage firm @properties are selling the remaining 22 units at Mallinckrodt in the Park, which is the adaptive reuse and conversion of the historic Mallinckrodt College, built in 1918. The community, located at 1041 Ridge Road just north of Lake Avenue, is set on a 14-acre landscaped park with walking trails and gardens maintained by the Wilmette Park District.
Available floor plans include one bedroom, one bedroom plus a den, two bedrooms or two bedrooms plus a den, 1 to 3.5 baths, and 1,148 to 2,952 square feet. Prices range from $235,000 to $750,000 including one or two deeded indoor heated parking spaces.
Nearly every floor plan at Mallinckrodt in the Park is unique. Some include a balcony or walk-out patio and many offer views of the park or Mallinckrodt’s signature fountain. Buyers of unfinished units can choose from a range of amenity packages, while other units are finished and available for immediate delivery.
Since acquiring the final 33 units in the project, Mallinckrodt Renaissance LLC has reduced prices on the condominiums by an average of 35 to 40 percent from the initial developer offering and stepped up marketing. Its efforts have yielded seven closings since the beginning of the year along with four additional units currently under contract .The new lower age requirement will provide an additional boost to sales for the remaining units.
“We are really hitting our stride now with new prices, new marketing and a new younger entrance age,” said David Rosen, Manager of Mallinckrodt Renaissance LLC and Managing Director of Long Grove Capital. “With only about 22 units left, this is an unbelievable opportunity to acquire a luxury residence at a tremendous value and enjoy all of the lifestyle amenities available to residents of the North Shore.”
A sales center and decorated model for the Wilmette condominiums at Mallinckrodt in the Park are open Saturday and Sunday from 12 to 4 pm and by appointment during the week. For more information or to schedule an appointment, visit http://www.mallinpark.com or contact Don Shea of @properties: 847-910-0268, donshea(at)atproperties.com.
About Mallinckrodt Renaissance LLC.
Mallinckrodt Renaissance LLC is managed by Reuben Warshawsky, President of Chord Realty Group LLC, and David Rosen, Managing Director of Long Grove Capital. Messrs. Warshawsky and Rosen have extensive experience in corporate and real estate financing, asset management, acquisitions, dispositions and operations. For more information about Chord Realty Group, visit http://www.chordrealty.com. For more information about Long Grove Capital, visit http://www.longgrovecapital.com.
Established in 2000, @properties is the #1 real estate brokerage firm in Chicago with more than 950 licensed agents. @properties is also Chicago’s development sales leader having marketed more than 150 projects comprising more than 5,000 residential units valued in excess of $2 billion. The company has seven Chicago-area offices: Bucktown, Lakeview, Lincoln Park, River North, Streeterville, Evanston and Winnetka. For more information, visit http://www.atproperties.com.