Another stymied condo development in Chicago’s South Loop neighborhood is going rental.

Lexington Park, which originally was developed as 297 condos in a 35-story tower and additional space in a connected seven-story loft building, will be converted to more than 300 apartments, according to ST Residential LLC, which took possession of the property at Cermak and Indiana last year.

The condo project had been marketed by its original Irish developer, Chieftain Construction, since 2006 but sales were spotty and the building is largely vacant. All sales contracts have been voided, a spokesman for ST Residential confirmed. News of the conversion was first reported by Crain’s Chicago Business.

ST Residential plans to upgrade the project’s common areas. Marketing efforts have not yet begun but new residents should be able to move in toward the end of summer, the spokesman said.