Developer offers big bucks for homes

A developer is negotiating individually with 77 condo owners to buy a community called Lakes at the Crossing that sits near the Fashion Mall. Lakes at the CrossingGershman Brown & Associates has to convince every owner to sell or they don’t get the 23-acre property. (Photo is of Mabel Young, a resident who wants to stay put.) Gershman apparently is working with Simon on plans for a retail or mixed-use project that would capitalize on the booming area around 86th Street and Keystone Avenue. Across Keystone, Premier Properties has its own plans for a big development. The story of Lakes at the Crossing reminds me of Florida, where developers have paid top dollar for residential properties on the water. With the Indiana homes, which sit behind a strip center and a Kohl’s, the only water features probably would be eliminated. The developers are offering double the residential property values, making the deal worth potentially $43 million. Would you sell?

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