realestate

Las Olas Grand Condo Sale Tops Broward County Market

Broward County condo sales rose last week, but dollar volume fell slightly.

A
zoning proposal by Sterling Bay has turned into a test case for Chicago's approach to affordable housing and development incentives. At the center of the controversy is a proposed 25-story apartment complex in Lincoln Park, where developer Sterling Bay wants to build 124 affordable units and secure tax relief under the Affordable Illinois program. However, Alderman Scott Waguespack opposes the project due to its height and the property-tax break tied to affordable housing commitments.

    The dispute escalated during a contentious City Council meeting, with Alderman Walter Burnett declining to bring the proposal forward for a vote after it was rejected in committee. A heated exchange between Waguespack and Alderman Jason Ervin led to a parliamentary shouting match and a brief recess to calm tensions.

    Sterling Bay has defended its proposal, citing significant benefits including construction jobs, traffic infrastructure improvements, and millions of dollars in tax revenue. However, the project's viability depends on the City Council approving a "low-affordability community" designation. With a December 25 deadline looming for a vote, Sterling Bay can appeal directly to the Department of Housing if no decision is made.

    Managing director Fred Krol expressed hope for a compromise, stating that the company remains interested in engaging with Waguespack in a constructive dialogue to bring the project forward. The outcome will have significant implications for Chicago's approach to affordable housing and development incentives.

Luxury Las Olas Grand condo sale sets Broward County market record.