jameson in the news
October 18, 2007
Jameson Realty Group:
SOUTH LOOP NO. 1 CHICAGO NEIGHBORHOOD IN RESIDENTIAL DEVELOPMENT
CHICAGO-Despite a real estate slow down in 2007, the South Loop still is outperforming all other downtown neighborhoods in new construction and residential development, housing experts say.
"The South Loop, Chicago's fastest growing neighborhood, continues to dominate the downtown housing market in terms of new projects and sales velocities," said Gail Lissner, vice president of Appraisal Research Counselors, authors of the Downtown Chicago Residential Benchmark Report.
"While it offers a wide range of housing types, much of the development taking place consists of mid-priced units in the $300 to $400 per-square-foot price range with the most recent wave of development occurring in the areas surrounding Museum Park and Central Station developments between Roosevelt Road and McCormick Place on the southern border of the neighborhood."
Appraisal Research's latest study reported that 4,123 housing units currently are in the pipeline-a hefty 27 percent of all the residential development activity projected for 2007 and 2008 in the South Loop, noted Lissner.
The mix includes 3,117 new-construction condominiums, 188 adaptive-reuse loft condos, 100 townhomes and 718 rental apartments.
The South Loop's proliferation of new residential developments range from sequestered pockets of posh single-family homes and townhomes to high-rise condominiums being constructed along some of the downtown's most recognizable and coveted streets and avenues.
New residential corridors are emerging along State, Wabash and the area between Michigan and Indiana avenues. Other residential enclaves have been created by the Central Station community and the emerging Prairie Avenue District along the lakefront.
Development at the edges of the South Loop is encouraging expansion of the neighborhood's lines of demarcation south to Cermak Road and west to the Chicago River. A growing assortment of neighborhood amenities from a variety of good restaurants in the Wabash-Michigan Avenue Corridor and new choices for shopping and entertainment along Roosevelt Road has helped fuel the residential boom.
In 2006 and 2007, one of the South Loop's hottest selling new condo project was X/O Condominiums, an innovative 485-unit, two-tower development at 18th Street and Prairie Avenue developed by Kargil Development LLC.
With condominium sales already past the halfway mark in the 46-story north tower, sales now are underway for the 34-story second tower at X/O.
More than 200 units valued at over $100 million have been sold, according to Frankel & Giles Real Estate, the exclusive sales and marketing agent. Residences at X/O Condominiums range in price from the $300,000s to more than $2 million.
The $280-million X/O-one of the largest planned developments ever proposed in the South Loop-will showcase the north tower with 271 condominiums and south tower with 215 units set back behind a row of 10 townhomes on the 2-acre site. The development was named Chicago's "Best New High-Rise" by New Homes Magazine this year.
The development will showcase 101 different floor plans. X/O will adjoin a 10,000 square-foot park along Prairie Avenue. Approximately 600 parking spaces are also planned.
Lucian Lagrange designed the highly contemporary glass and concrete high-rises with floor plates of incrementally increasing and decreasing sizes that make the buildings appear to slope as they get higher. The Lagrange design for X/O also provides three green roofs.
The development also will include a 13,000-square-foot "lifestyle center" crowned with a sun deck, he said. Spa X/O, the separate lifestyle-center building managed by American Leisure Corp., will feature a swimming pool, aqua grotto with cascading waterfalls, misting park and social sauna.
The center will have a state-of-the-art fitness spa and sunbathing deck and provide massage therapy, classes, and personal training sessions. There will be a screening and performance theater, social lounge, game room, private café, wine bistro for social tasting and mixers.
Features of the units include environmentally friendly construction, high-end finishes such as granite and marble counter tops, porcelain tile in the bathrooms, European-style cabinetry and stainless-steel appliances in the gourmet kitchens.
The X/O sales center is on the fifth floor at 1712 S. Prairie Avenue. The center is open daily from 11 a.m. to 6 p.m. or by appointment. For more information, please call 312-986-0008 or view the website:www.XOcondominiums.com.
Here is a tour of other South Loop residential developments currently on the market:
"We've sold nearly 60 loft condominiums at Prairie District Lofts, and with the first closings scheduled for early October the transformation of the development from rental to condominium ownership is well on its way," said Keith Giles of Frankel & Giles Real Estate, the exclusive sales and marketing agent.
The condominium conversion is being developed by Kargil Development LLC, an affiliate of Frankel & Giles.
"Prairie District Lofts is one of the last 'true-loft' buildings remaining in the South Loop," said Keith Giles. "And, these residences have great price points, given its demanded location at Indiana and 18th street on the northern edge of the Prairie Avenue Historic District."
The 5-story brick building was erected in 1905 for a commercial photography company. Over the years, it was converted into a rental apartment building, and now it will be transformed into a $36-million loft condominium development.
Current base prices range from $229,800 for a 1-bedroom, 1-bath unit to $429,800 for a 3-bedroom, 2-bath duplex layout. The lofts feature exposed brick walls, 12-foot to 20-foot-tall ceilings, timber or concrete beams and columns, fireplaces, track lighting and hardwood floors.
Each condominium will feature a new kitchen with a GE stainless-steel appliance package that includes a 33-inch refrigerator, a 30-inch range, microwave and dishwasher.
Kitchens also showcase granite countertops, Grohe polished chrome fixtures and Smart cabinetry with 42-inch upper cabinets, which are available in various stains and door choices.
The building also features a common roof deck, a fitness center, laundry rooms, a beautiful landscaped atrium on the lobby level, two elevators, an intercom entry with closed circuit security system; a loading dock and oversized freight elevator and private and bicycle storage spaces.
A sales center for Prairie District Lofts is open at 1727 S. Indiana, on the northeast corner of 18th Street and Indiana Avenue. The sales center is open weekdays from noon to 5 p.m. and Saturday and Sunday from noon to 6 p.m., or by appointment. For more information on Prairie District Lofts, please call 312-360-9988, or visit www.pdlcondominiums.com.
"eco18 is a very special condominium development that dramatically raises the bar on green living in Chicago," said developer Rick Turner, president of Dynaprop Development Corp.
Turner noted that eco18's geothermal energy system will consist of piping drilled 450 feet into bedrock, which will provide energy-efficient heating and cooling year round. "Condo residents here will pay about 40 percent less in energy costs, which is a substantial savings," Turner said. "The result is low monthly assessments at eco18 averaging about $278."
Plans for the development call for a classically detailed 12-story building with a stone facade accented with an octagon turret and recessed balconies with wrought-iron railings.
eco18 will have 1-bedroom, 1-bedroom-plus den, 2-bedroom and 2-bedroom-plus den residences with 1 or 2 baths and 809 to 1,583 square feet of living space. Pre-construction base prices range from the mid-$200,000s to the upper-$500,000 bracket. Heated garage parking is available for $29,900.
The mix-use development will also feature 9,000 square feet of retail space on the ground floor accessible without leaving the building. eco18 also will include environmental features such as a central hot water system heated with solar panels, and an elaborate green roof-top garden.
The eco18 sales center and model located at 1830 S. Wabash is open Saturday and Sunday from noon to 4 p.m. For more information call Jameson Realty Group at 312-751-0300, or visit www.eco18.com.
For a limited time, buyers of 1-bedroom, 1-bedroom-plus den and 2-bedroom residences will receive a free parking space valued at $35,000, according to Frankel & Giles Real Estate, the exclusive sales and marketing agent. In addition to the parking incentive all of the remaining units feature $10,000 in free interior designer upgrades.
The following designer features are included in the upgrades package: wide solid-oak flooring; surround-sound pre-wire system and kitchens with 1-inch-thick Uba Tuba granite counter tops, GE Profile stainless-steel appliance package, an upgraded Hans Grohe kitchen faucet and custom-made cherry flat-panel cabinets with crown molding.
One-bedroom, 1-bath units have 668 to 683 square feet of space, while 1-bedroom-plus-den, 1.5-bath residences feature 901 to 907 square feet of space. Two-bedroom, 2-bath residences showcase 1,062 to 1,160 square feet.
FitzGerald & Associates Architects designed Lakeside Lofts, a low-rise development that features two 5-story boutique buildings with adjoining garden spaces.
Three professionally decorated and furnished model condominiums are on display. The Lakeside Lofts sales center is located on site at 2035 S. Indiana Ave. Sales office hours are noon to 5 p.m. daily, or by appointment. Please call 312-663-1500, or visit the website at: < a href=http://www.lakesidelofts.com>www.lakesidelofts.com.
The 15-story contemporary brick, concrete and glass high-rise features 78 units. "Buyers may choose from studio, 1-bedroom, 1-bedroom-plus-den, 2-bedroom and penthouses residences with private terraces showcasing dramatic views of the lakefront and city," said developer See Y. Wong of Wabash Properties and partner in Michigan Avenue Group, LLC, the development entity.
1349 South Wabash Private Residences will have 10 studios, 38 one-bedroom, 1-bath residences, 28 two-bedroom, 2-bath layouts and four 2-bedroom, 2.5-bath penthouses with large private terraces on the 15th floor. The residences will feature 520 to 1,458 square feet of living area.
One-bedroom units in the contemporary building are priced from $229,500, while 2-bedroom layouts begin at $348,500. For a limited time the developer is offering $5,000 in free upgrades on 2-bedroom units.
A professionally furnished and decorated model condominium is on display at the sales center. All condominiums at 1349 South Wabash feature standard 24-by-24-inch ceramic-tile or wood flooring in the foyer, living room, kitchen hall and closets. The bedrooms feature wall-to-wall carpeting.
The building also will have a common-area terrace on the 5th floor and two street-level retail/commercial spaces.
The development also features a bike storage area and rear entry parking to the garage. The garage on floors 2 through 4 provides parking for 78 deeded indoor parking spaces. Parking ranges in priced from $33,000 to $36,000.
The 1349 South Wabash Private Residences sales center, located at 1349 S. Wabash, displays a 2-bedroom 2-bath furnished model, floor plans, building amenities, and upgrade selections also are on display.
The sales center is open daily from noon to 5 p.m., or by appointment. Convenient sales center parking is available free across the street at 1400 S. Wabash. For more information, call 312-360-1818 or visit www.1349SouthWabash.com.
"Sales at our sleek, contemporary-styled new-construction high-rise are approaching the 90-percent mark, but a nice mix of 1-bedroom, 2-bedroom and 3-bedroom residences still are available for immediate occupancy as deliveries now move past the 14th floor," said developer Colin Kihnke, president of CMK Development Corp.
Only 60 condominium residences remain for sale at the 498-unit tower as construction moves along at a very rapid pace, said Scott Hoskins, president and managing broker of CMK Realty.
"The remaining units at 1720 S. Michigan are quite affordable and many have exceptional city views," said Hoskins. "These units are ideal for first-time buyers who want to get off the rental treadmill or a suburban buyer looking for a second in-town residence to enjoy city amenities."
Here are details on the five model residences now on view at 1720 S. Michigan:
- . Unit 301, a unique northeast corner 3-bedroom floor plan, has 2 full baths and 1,391 square feet of living area, plus a spacious 314-square-foot private terrace with north and east views. It is priced at $409,900.
- Unit 407 is a 1-bedroom, 1-bath floor plan with 692 square feet of living area. The unit has an east exposure and features a spacious 15-by-18.5-foot great room. It is priced at $198,900.
- Unit 405, a 1-bedroom, 1-bath floor plan, has 753 square feet of living area. Features include an optional computer alcove, and a 15.5-by-19.5 great room with access to a private balcony. It is priced at $219,900.
- Unit 402 is a 2-bedroom, 2-bath residence with 1,047 square feet of living area. The residence has an east exposure and features 13.75-by-15.5-foot great room which adjoins a 5-by-12-foot balcony. It is priced at $294,900.
- Unit 918, a unique northwest corner 2-bedroom-plus-den floor plan, has 2 full baths and 1,202 square feet of living area, plus a private balcony with northwest views. It is priced at $367,900.
Nine residences are built per floor on the first seven levels above the striking modern lobby-level, which features slate, stainless steel and imported woods and include 8,000 square feet of retail and commercial space, including a planned full-service restaurant.
The eighth floor features 18 terrace units. Eighteen tower residences occupy the ninth through 32nd floors. The penthouse level on the 33rd floor features 12 residences each with a spacious terrace.
The sales center for 1720 S. Michigan is located at 1430 S. Michigan Ave and is open 11 a.m. to 6 p.m. Monday through Friday and noon to 5 p.m. on Saturday and Sunday. For more information, please call 312-692-1741 or visit .
Six floors of loft-style condominiums will be built above the retail space located at 150 W. Roosevelt Road. The first residential phase of the project consists of 342 condominiums planned above retail shops.
Later phases will feature a 43-story high-rise condominium tower planned for 294 units. Centrum Properties plans to develop a total of 1,000 loft and high-rise condominium residences. Prices start in the low-$300,000 bracket and range upwards to $600,000. Parking within the development's underground parking structure is also available.
Phase I construction at The Lofts at The Roosevelt Collection is expected to be completed in 2009. The initial lofts are scheduled for occupancy in June of 2009. The first retail shops will open for business in October of 2009.
Loft condominium sales are off to a fast start with nearly 50 percent of the first phase under contract at The Roosevelt Collection, according to Jennifer Arons, senior vice president of Centrum Properties. More than 160 loft condominiums have been sold since the grand opening in late 2006 at The Roosevelt Collection.
The Roosevelt Collection's grand retail boulevard-the width of Michigan Avenue-will be flanked on each side by two floors of nationally recognized retailers.
The Lofts at The Roosevelt Collection was named Chicago's "Best New Mid-Rise" by New Homes Magazine, a Chicago-area new housing publication.
The 1-bedroom, 1-bedroom-plus-den, 2 bedrooms, 2-bedrooms-plus-den floor plans range in size from 759 to 1,497 square feet of living space. All residences feature outdoor/balcony space. Third-floor residences have spacious terraces ranging from 224 to 548 square feet.
Design plans call for kitchens adorned with deluxe, Italian cabinetry in white oak or wenge, and stainless-steel appliances for a hip, cool urban feel.
The sales center for The Roosevelt Collection at 709 S. Clark Street between Polk and Harrison is open 10 a.m. to 6 p.m. weekdays and 11 a.m. to 5 p.m. on Saturday and Sunday. For more information please call 866-606-0267 or visit the website at: www.LoftsRC.com.
. Michigan Avenue Tower II. Construction is past the 8th floor and topping out is slated for late 2007 on this new 28-story luxury new-construction high-rise at 1400 S. Michigan Avenue.
More than 90 percent of the 268 units are sold, according to Russland Capital Group, the developer. First occupancies are scheduled for September and October of 2008.
The building will include a mix of 1-bedroom, 1-bedroom-plus-den, 2-bedroom, 2-bedroom-plus-den residences and penthouses with 1 or 2 baths about 700 to 1,260 square feet of living space. Prices of remaining units range from $294,990 to $633,980. For a limited time, the price includes one free parking space valued at $37,500.
Dramatic Lake Michigan and skyline views, a great location near Grant Park and the Museum Campus, high-quality construction and state-of-the-art amenities are the attractions of Michigan Avenue Tower II, according to Jacob Bletnitsky, partner with Alex Vaisman in the Russland Capital Group.
Architects Pappageorge/Haymes Ltd. designed the $90-million contemporary Art Deco high-rise with oversize windows to enhance the suburb lakefront views, which are protected on the south through the purchase of air rights adjoining the adjoining 2-story building at 1460 S. Michigan, noted Vaisman.
The Michigan Avenue Tower II sales center is located on the ground floor at 1250 S. Michigan Avenue and is open daily from 11 a.m. to 5 p.m. For more information on Michigan Avenue Tower II or to purchase a residence, please call the sales center at 312-583-0600, or visit www.1400michigan.com
Plans for the $80-million brick, stone and glass building developed by Astoria Tower, LLC, call for 241 condominium residences, according to Keith Giles of Frankel & Giles Real Estate, the exclusive sales and marketing agent.
Reserved just for residents of the luxury tower, the Spa Life Center at Astoria Tower is planned for the 10th floor of the new-construction high-rise.
The spa encompasses more than 12,000 square feet including a swimming pool, a state-of-the-art fitness center, a sauna, a steam room, private massage room, nails & pedicures salon, men's and women's changing rooms and two landscaped terraces with more than 1,900 square feet of space.
"More than 70-percent of the residences already have been sold at Astoria Tower, and first deliveries are scheduled for autumn of 2008," said Brian Berish, sales manager for Frankel & Giles.
"We still have a wonderful selection of available 1-bedroom, 1-bath units, 1-bedroom-plus den residences with 1.5 or 2 baths, and 2-bedroom, 2-bath layouts," he said.
Prices start at $239,900 for a 1-bedroom unit and range upwards to $1.399 million for the most expensive penthouse. Parking ranges from $39,300 to $41,300.
The sales center for Astoria Tower, located at 832 S. Wabash, features a model of the building and touch screens showcasing a spa video, the building's 360-degree views, floor plans and building amenities. Standard and upgrade feature selections also are on display.
The sales center is open from noon to 5 p.m. Thursday through Monday, or by appointment. For more information, call 312-922-0650 or visit www.astoriatower.com.
The residences occupy the second through 8th floors, and parking is planned for the first two levels of the building. Prices of remaining units range from $232,900 for a 1-bedroom, 1-bath unit to $299,900 for a 2-bedroom, 2-bath layout. Parking is $37,500.
For a limited time, the developers are offering an incentive of one year's free condominium assessments valued at $2,000 to $4,000. "The Chess Lofts building was the former recording studio and warehouse owned by Chess Records in the 1950s and 1960s. It was once the home to soulful music of Muddy Waters, Chuck Berry, Bo Diddly, and Buddy Guy," Kiener said.
Today, the vintage concrete-column loft building offers adaptive-reuse lofts with a grand mezzanine, a roof-top deck and recessed balconies on two sides of the buildings.
A new on-site sales center and model for Chess Lofts is scheduled to grand open in late 2007 on the 7th floor at 320 E. 21st St. The sales center and professionally decorated model for Chess Lofts is open at 2028 S. Prairie Saturday through Wednesday from 11 a.m. to 6 p.m. For more information, please call 312-528-1000 or visit www.salesatchesslofts.com
