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But apartment and condominium construction accounted for a large portion of that increase.
Officials at the Corcoran and Douglas Elliman brokerage agencies said the increase resulted from condominium construction.
The construction will start after the company has acquired state approvals for condominium construction in about four months.
Foresight estimates the biggest problems are in loans for condominium construction, with 38percentt of all construction loans troubled.
In the late 1980s, a surge in condominium construction in New York created a glut of condo apartments.
Mr. Markowitz cited the rash of condominium construction nearby as evidence that the detention center has not deterred development.
Similar(29)
In addition to 2,000 high-rise apartment units, the Lake Meadows project will feature renovation of existing rental units and condominiums, construction of single-family town homes and expansion of a small shopping center on the corner of 35th Street and Cottage Grove.
Even the bathrooms!" He looked out across the street, gesturing toward a condominium building under construction.
Then, a few doors down from the Schrager creation, past tenements and brick manufacturing lofts, there is 48 Bond, a condominium building where construction has now reached to the second floor.
"The epicenter of urban living in downtown Chicago has been progressively moving south for the last 5 to 10 years," said Thomas O. Weeks, president of the LR Development Company, developer of 340 on the Park, a high-rise condominium building under construction across Randolph Street from the park.
That is certainly true of Chicago-based Corus Bankshares, more than 80% of whose portfolio comprises condominium-construction loans.Recent cuts in short-term interest rates should help banks, by steepening the yield curve (the difference between long and short rates) and thus boosting the spread they can earn.
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