Why should I buy a garage space?

• Deeded parking will enhance the resale of your residence
• Attractive financing up to 80% is available and you have 120 days to finalize your method of payment (cash, financing, refinance, home equity loan).
• You will enjoy the convenience, comfort, and peace of mind of self parking in your own clean, well lighted, and heated spaces.
• As a member of the Garage Condominium Association, you can participate in establishing the rules and regulations and subsequent governance of the garage.

Can I rent my space after I purchase it?
     Yes. There are no restrictions. Single spaces on the 2nd floor are renting for approximately $175 per month and we anticipate an increase in rental value. Field Harbor Condominium Parking is the only heated garage in the area and the demand is great. Also, for a limited time, renters are available to lease purchased parking spaces.

Should I purchase a space if I don't own a car?
     Yes. At least 50% of our purchasers do not own a car. They simply purchase as an investment or to protect their residential unit value.

Will my parking space appreciate in value?
     Yes. In the last 5 years garage spaces have been appreciating because of the great demand. In some cases, garage spaces have appreciated faster than the residential condominium. To own a garage space in downtown Chicago/Illinois Center is a great investment!

- GARAGE CONDOMINIUM ASSOCIATION

Will there be a separate Garage Condominium Association?
     Yes there will be a 3 member board of directors to be elected from the parking condominium association owners. It is anticipated that there will be no more than 2 association meetings per year.

What will the maintenance and taxes be?
     The average space maintenance will be approximately $53.00 per space per month. Based on comparable sales, taxes are estimated at 2% of the purchase price of each condominium parking unit. Please see “Condo Declaration” and other documents for additional information.

To who are the assessments paid?
     All assessments will be paid to the Field Harbor Parking Condominium Association.

Will there be rules governing the operation of the parking condominium association?
     The declaration and the property report will provide initial rules & regulations. Rules and regulations will be developed by the parking condominium association.

Where will the 3 month maintenance reserve from the closing go?
     Into an operating, maintenance, & reserve escrow at Associated Bank located at 200 E Randolph in Chicago.