October 31, 2007 – Lincoln Park 2520 is another one of Lucien Lagrange’s artistic creations. The design for the thirty-nine story high-rise that will take up residence at 2520 North Lakeview Avenue has been likened to a retro 1920′s style, but the views afforded there will be priceless in any decade.

Some of the sweeping views of Lake Michigan and the park can be seen first hand from the model at the sales center. Both are located on the eleventh floor of the building slated for demolition at the site. But before that happens and construction begins, potential buyers can really get a feel for how it’s going to look. That bit of heightened perspective has helped to sell the condos, according to developer Ricker-Murphy.

An option that has been on the table in marketing 2520 is for buyers to combine units to increase square feet of living space, sometimes to as much as 10,000. That in turn is affecting the original total of 320 condos. The developer is estimating that number could drop by as much as perhaps 70 units. That decrease in number could allow for an increase in the number of town homes that will be built behind the high-rise. The ten that are currently expected to go up may double in number if space permits.

With current sales figures already somewhere between 40 and 50 percent, these luxury condo suites have done well since marketing began in April. The development is scheduled for completion in 2009.

Besides the ones soon to be located at 2520, there are a number of luxury Townhouses in Chicago ready for occupancy.

[tags]Lincoln Park 2520, Chicago Illinois, Chicago Condos for Sale[/tags]

October 30, 2007 – The Roosevelt Collection, that mega development in the South Loop, began construction this past spring and Crain’s reported this week that developer Centrum Properties recently closed on $285 million in loans to finance the project. With a project as big as this one and a total dollar amount that size, there were several banks involved in the transaction. LaSalle Bank is the primary with $19 million, and a group of other lenders including National City Bank and Union Labor Life Insurance Company floated the rest of the money.

The scope of this project is really amazing. The twelve acre development is expected to eventually have upwards of 1,000 condos, a massive shopping center with 400,000 square feet of retail space and a sixteen screen Kerasotes theater. Phase one’s 342 condos are reportedly half sold and scheduled for completion in 2009, though the loft component of those units are expected to be delivered sometime in 2008.

Besides the residential portion of the development, plans call for over four dozen retailers to open shop there. Company names haven’t been made public yet, but Centrum claims to have written intent from a good number of future tenants. The finishing touch on the development will be a three acre park where residents can gather for year round scheduled events and festivals.

The Roosevelt Collection will be one of the South Loop’s bigger mixed-use projects, creating a mini-community that will be easily accessed by foot. If you’re more interested in Townhouses in Chicago, there are several new construction units on the market right now.

[tags]Roosevelt Collection, Chicago Illinois, Chicago Condos for Sale[/tags]

October 29, 2007 – A recent press release from marketing team Frankel & Giles announced $45,000 worth of incentives on the remaining units at Lakeside Lofts, the newly constructed South Indiana, South Loop development designed by architects FitzGerald & Associates.

Lakeside Lofts is comprised of two buildings, five stories each, with a total of 96 units. Less than 20 of those units remained for sale when the offer was announced. Prices for one and two bedroom lofts run anywhere from $266,800 to $355,800. Parking is included in the price of the unit, with an estimated value of $35,000 for the space.

The other $10,000 of the incentive package is summed up in interior upgrades. Options available for the offer are mostly kitchen related. Upgraded GE appliances, Grohe faucets, Uba Tuba granite on the counters and designer cherry cabinets. The ten thousand also buys wide board solid wood oak floors and wiring for surround sound.

All of the lofts feature real wood tongue and groove flooring in the kitchen, dining room and living room, which is something not all developments can claim. The buildings also showcase awnings on the windows and a four season garden atop the garage floor.

This could be a sweet deal for someone ready to move into a nice Chicago Lofts development right now. No waiting and $45,000 in incentives should attract some buyer attention.

[tags]Lakeside Lofts, Chicago Illinois, Chicago Condos for Sale[/tags]

October 27, 2007 – The slow burn between Alderman Robert Fioretti and X/O Condos developer Kargil is heating up. This past Thursday Kargil Development filed a law suit against the Alderman, claiming that Fioretti’s attempts to reverse a previously passed zoning ordinance was damaging the development.

In July Fioretti proposed changing the height allowance for South Prairie Avenue, which had been given a green light by the City Council prior to the Alderman’s intervention. This would set the height limit at 225 feet, below the two tower’s 450 and 310 foot spans. That cut would shave 100 condo units off the original 490 unit total.

The lawsuit not only seeks to stop any zoning reversal, it also asks that Fioretti not be permitted to push back the City Council vote. The Council had been set to vote by the end of October, but some speculate that Fioretti realized there wasn’t enough support for the measure and was delaying.

Case precedence usually favors developers when they can show that a post approval change would have a negative impact on the project. With X/O, the developer has stated that uncertainties caused by the potential zoning reversal have caused sales to stagnate. A sum of $28 million has been tied up in the development while sales have stalled at roughly 200 condos since the zoning controversy began in July.

X/O, with its luxurious Spa X/O located between the two towers, has had mixed reaction from local residents. A majority seem to favor the development but some don’t, stating the modern buildings will be out of place with the traditional neighborhood.

While the future of X/O is being debated you can check out some less controversial Gold Coast Chicago Condos.

[tags]X/O, Chicago Illinois Chicago Condos for Sale[/tags]

October 26, 2007 – Winthrop Properties is about to close the book on Printers Corner. The South Loop condominium, situated on 170 West Polk Street, is wrapping up the final phase of interior work and buyers of units up to floor eleven are scheduled for move in next month and the rest of the condos will be ready for delivery in December. This project has come in pretty close to the developer’s initial estimate for completion. September had been the target date, so November wasn’t too long of a wait.

The most distinct feature of Printers Corner is that all of the condos are corner units. The base of the building is a six story brick nod to the historic architecture of the neighborhood. Above that, the next eleven stories form a modern glass and concrete design that houses only eight condos per floor, all with corner placement.

The price tag for the one bedroom condos runs anywhere from $280,000 to the mid $300,000. For the two bedroom units you can expect to pay from the upper $300,000 mark on up to over $480,000. Parking comes at an additional cost of $36,000. The condos have sold well but there are around twenty units still available at this time.

If the brick façade of this building makes you nostalgic for Chicago Condo Lofts, there are plenty of new construction and renovated developments out there.

[tags]Printers Corner, Chicago Illinois, Chicago Condos for Sale[/tags]

October 25, 2007 – Not a lot of press has gone out about this one, but developer John Buck is building a thirty-four story mixed-used tower at 505 North State Street in River North. The building was designed by Guajardo REC Architects LLC and is being called Hotel Palomar.

Case Foundation Company construction cranes are already on site and drilling for caissons in progress. The high-rise is slated for completion in 2009 and will have 121 condos, 259 hotel suites and what is being called a “signature restaurant” in conjunction with the hotel. Kimpton Hotels and Restaurants, which is based in San Francisco, will operate the hotel portion. The Hotel Burnham is one of Kimpton’s developments, and there are currently three other Hotel Palomar locations. The first opened in San Francisco, followed by Washington and Dallas.

Over the summer a River North community survey about the project generally showed positive support for the development, though some voiced disappointment about the loss of the public park on which the building would stand.

Currently there aren’t a lot of details being put out about the Chicago building, but the Palomar in San Francisco has both Delux and Luxury Suites that contain a parlor, dining room, Fuji soaker tubs and spa options. Other amenities there include complete concierge service, 24 hour room service, Wi-Fi access in all areas, valet and laundry service. The hotel is fully accessible for those with disabilities and they also welcome pets. The Chicago Palomar will likely follow in the same vein as this one.

We’ll keep you posted about this development as more details become available in case you decide to Sell your Chicago Condo and invest in the Palomar.

[tags]Hotel Palomar, Chicago Illinois, Chicago Condos for Sale[/tags]

October 24, 2007 – It isn’t even December yet and more developers are dangling incentives in front of buyers like early holiday presents. One of the latest to do so is the Russland Capital Group with the few remaining units at Michigan Avenue Tower II. This twenty-eight story high-rise is several floors above ground on its 1400 S Michigan Avenue construction site so the estimated delivery date of mid to late 2008 should be right on track.

Potential buyers of these condos are being offered not only free assessments for the first year but also free parking for one automobile. The single space, which would cost about $37,000 otherwise, might not be considered an incentive by some people who argue that it would normally be figured into the condo price. But with so much competition these days you can’t afford to over look any deal on the table.

The building website lists one bedroom units starting at $294,990 and three bedroom condos from $639,990. The condos are set to include the expected luxury details like oversized kitchens, marble and tile baths with Grohe fixtures and hardwood flooring throughout. All in all, not a bad deal when compared to the current stock of Chicago New Construction Condos being marketed right now.

[tags]Michigan Avenue Tower II, Chicago Illinois, Chicago Condos for Sale[/tags]

October 23, 2007 – With Aqua now well above ground it’s worth taking another look at this development. The general consensus of opinion from anyone who sees the construction site is that it is huge, to say the least.

Work has progressed enough that it won’t be long before you’ll be able to see the building’s trademark ripples taking shape. The undulating balconies will pull off the effect, but to do so each floor plate is going to be different. It’s no surprise that McHugh Construction will be using global positioning devices to get the placement for each floor just right.

Lakeshore East is already home to several well known high-rises, both luxury condominiums and rental apartment towers. But Aqua will be the first Chicago High-rise to combine condos, apartments, hotel space and retail shops all in one location. The residential stack will start with hotel rooms first, followed by rental apartments from the 19th to 52nd floors and the condos on top of the stack from floor 53 up. The first two floors make up 36,000 square feet of retail space connected by an underground pedway system.

Besides the distinctive ripples, Aqua plans to make a splash with an 80,000 square foot deck that will have more perks than a lot of suburban parks. Once the project is completed, residents will be able to stroll through landscaped gardens, take a dip in one of the pools, relax in a hot tub, explore the walking trails or work on their BBQ technique at the fire pit or grill area.

While Aqua gets the credit for being a first in many ways, there is a good selection of Rent to own condos in Chicago ready for occupancy in other neighborhoods.

[tags]Aqua, Chicago Illinois, Chicago Condos for Sale[/tags]

October 22, 2007 – The second apartment building to be built in the Lakeshore East development is The Tides, which is topped out and should be complete this year. The Tides has 51 stories of luxury apartments with a total of 607 units. These apartments come with gourmet quality kitchen appliances, full size washer and dryer plus Internet, satellite television and utilities at no additional cost. The Tides and The Shorham, a 46 story apartment building with 548 units located next door are somewhat similar in design.

The Chandler, with 35 stories and 304 condos began closing on lower level units in late July and residents have been moving in during the weeks since then. The building sports the Shore Club, which is a combination high-tech fitness center with a roof top pool, dual sun decks, media and party room for residents. Most of the Lakeshore East towers have a similar facility.

The building making the most waves right now is Aqua. This impressive 82 story high-rise is rapidly moving up and deserves another look this week.

Lakeshore East, with its 28 acres of constantly evolving buildings, is one of the largest downtown residential and commercial developments in the nation. The mix of high-rise rental apartment buildings and condominium towers are ideally located close to Michigan Avenue and Millennium Park. There is a good selection of Chicago Apartments for rent right now in Lakeshore East and other neighborhoods.

[tags]The Tides, Lakeshore East, Chicago Condos for Sale[/tags]

October 20, 2007 – More developers are ratcheting up the incentives offered on their projects to draw in buyers who might be comparing every dollar’s worth of investment before they make a purchase. Some developers wait until the building is nearly finished and roll out the deals to sell the last few units left. Still others advertise incentives from the get go to boost sales to the fifty percent mark to secure financing. Either way, it can be a winning situation for buyers.

1349 South Wabash is a good example of an early marketing incentive that still seems to be in effect. The developer, See Wong and Wabash Properties is offering buyers of their two bedroom condos $5,000 in upgrades. This building is already over fifty percent sold, so the deal can’t still be needed to push that number up to satisfy lenders, though it probably helped at first. More than likely it’s just a nice attraction for buyers and the developer realizes it.

1349 is expected to break ground yet this year, according to their press releases. Initially the plan was to do so by last month, but that didn’t materialize. When completed in 2009, 1349 will be a 15 story building and house 78 one and two bedroom condos. The goal with this development was to bring some new affordable condos to the South Loop. The building won’t have a pool or a lot of fancy amenities, which is one reason why the prices range from the low $200,000 to mid $300,000 mark.

If new construction condos aren’t your thing but exposed timbers and ductwork are more your style, then you’ll probably find something you like in the Chicago Lofts section.

[tags]1349 South Wabash, Chicago Illinois, Chicago Condos for Sale[/tags]