The Six Points East condominiums, after long delays amid financial troubles, should be on the market by early March, developer Michael Dilworth said.
Dilworth took control of the development, on Greenfield Avenue between 63rd and 64th streets, in November after a foreclosure judgment. His development firm, Greenfield-based Ener-Con Cos., specializes in distressed condominium projects.
Six Points East contains 42 units, all of which are 100 percent complete and ready for occupancy. But Dilworth and Ener-Con are still doing a market study on what the condos should sell for, he said.
They are expected to be greatly reduced from the original asking price. When construction began in early 2007 on what was then called the Belmont Condominiums, units were priced between $189,000 and $429,000.
Dilworth said he was drawn to Six Points East because of the emerging neighborhood surrounding it. He pointed to the Six Points Neighborhood apartments (which are not affiliated with Six Points East) across the street as well as the nearby Farmer's Market.
"I'm impressed with the whole area," he said.
The area is part of a tax-incremental financing district, which Dilworth said also helped with purchasing the project. TIF allows municipalities to borrow money for infrastructure improvements and use the new taxes generated by the improvements to pay off the loans.
Ener-Con Cos. faced a similar situation when it took control of the Library Square condo project in Cudahy last year. Like Six Points East, it also faced financial troubles but it is now seeing success in sales, Dilworth said.
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