January 19, 2008 – Developer Draper and Kramer announced plans for a potential new project in the Lake Meadows area that if completed would encompass some seventy acres and rival any of the current residential developments in Chicago. The site is a familiar one to Draper and Kramer because they can lay claim to developing the Lake Meadows apartment complex fifty years ago.

Chicago Real Estate Daily reported that while no firm plans have been submitted on the project, D&K has been in talks with the Department of Planning and Development. A lot of factors come into play with a project this size, not the least of which is the demolition of the mid-rise apartment towers on site and relocation of the residents they currently house. The new group of condominiums and townhouses would number around 7,000 homes. The potential of tripling the population is more than possible given the prime southern lake exposure as well as a new shopping center to be included in the development.

The actual area in question runs from streets numbered 31st to 35th located between Lake Shore Drive and Martin Luther King Drive. It sits in the intersection of a triangle bounded by McCormick Place, Hyde Park and Bronzeville. If this project does move forward, the only other development in town that surpasses it by total number of homes is Central Station. D&K plans to gage community reaction with a series of neighborhood meetings. The project would most likely unfold over a course of a few years in terms of both planning and construction. But Lake Meadows has the potential to produce what could be some of the better condos and Townhouses in Chicago.

[tags]Lake Meadows, Chicago Condos, Chicago Real Estate[/tags]

January 18, 2008 – 1555 Wabash, the mid-rise condo from New West Realty, broke ground last summer and foundation work is ongoing. A drive by the construction site will get you a look at plenty of concrete and steel. Sales have been decent for this South Loop building, with nearly 80 of the 176 units under contract when construction began. That figure now stands at about 50%, with first deliveries expected to start in the fall of 2008. That is only a few weeks later than the original estimated date.

When completed, the green hue of the low E glass that makes up the expansive tower windows is intended to lend an eco-friendly, airy feel to the condos. Jonathan Splitt Architects designed 1555 Wabash with a nod to what they term the “international contemporary movement” from the late 1920′s and 1930′s. The interiors of the units are set to be wholly modern with an open floor plan and kitchens with either an island or peninsula counter. Bedroom count ranges from one to three with one or two baths. Depending on the plan, each condo features a balcony or terrace plus some incorporate a tech center into the layout. Besides 10 foot high exposed concrete ceilings in the common areas, there are some units that have curved and diagonal walls. Square feet of living space falls between 767 and 1,486.

Units at 1555 Wabash are being marketed from the $200,000 to low $600,000 range. Parking comes at an additional $33,000. That price is certainly competitive for new construction in the South Loop, which is one of the fastest growing Chicago Neighborhoods.

[tags]1555 Wabash, Chicago Condos, Chicago Real Estate[/tags]

January 17, 2008 – An article in today’s Chicago Sun Times sheds some light on what some people had branded the stalled Ritz-Carlton Residences development. The 40 story, 86 unit tower has seen sales hang on 30 percent and then hover in the 40 percent range with not much activity on the construction site. Prism Development’s Jon Rodgers stated in the article that work will gear up in a few weeks, perhaps in February, as soon as details are ironed out with the city. Financing is being provided by the Helaba Bank of Germany.

The developer says that the sales contracts top 40 percent, but no specific number was given. He also acknowledges that while there hasn’t been a huge increase in sales, there has been steady interest.

The condos will come with one to three bedrooms plus optional study. Prices start at around $1.4 million, which also gets you an array of services including a personal trainer, housekeeping, catering, laundry service, a car wash and a pet or plant sitter when you’re away. The staff, which consists of a director of residences, concierge, valet, security guard, chef, porter and housekeeper will also perform other services on a per fee basis.

Other luxury features that are above the norm include a wine cellar, club and spa with a salon and treatment rooms and a billiards room. The art deco type design was drafted by Lucien Lagrange, who is credited with the design of several other Chicago Luxury Condos.

[tags]Ritz-Carlton Residences, Chicago Condos, Chicago Real Estate[/tags]

January 16, 2008 – News headlines like the recent one stating that new home construction in 2007 had declined by 24.8 percent, the biggest drop in 27 years, certainly grab your attention. It is the largest decline on record since 1980′s 26 percent fall. Add in another fact from the Commerce Department report that states Midwest housing construction is down by nearly 31 percent and it should come as no surprise that some developments just aren’t going to get built. 541 West Cornelia is one of them.

The 24 story Lake View tower had been developed by JDL Development and marketed by Rubloff Residential Properties. The building would have contained 22 condos that ranged in price from just over $1.2 million up to nearly $3 million. For various reasons, those luxury one per floor condos became a casualty of the market slump. The high-rise would have been one of the tallest in that area and deliveries had been planed for March of this year.

The project now in the works for that site is a group of four luxury single family homes. JDL Brokerage is in charge of marketing this time around. The trimmed down development will still be based on the same concept of luxury design only with far fewer units to gamble on the market.

On a similar note, cancellation rumors about the Peshtigo prompted a call to the developer, who insists that the project is still marketing.

The market is driving traffic on a two way street where some buyers are heading for Cheap Chicago Condos while others are cruising for a good deal on new luxury developments.

[tags]541 West Cornelia, Chicago Condos, Chicago Real Estate[/tags]

January 15, 2008 – Back in December, The Enterprise Companies and Mesirow Financial Real Estate set a groundbreaking date of January 21st for their Walton on the Park project. That date has been bumped up now to Wednesday. Though it isn’t more than a few days earlier than predicted, it is still nice to see a well designed project get up and running. If work goes as planned, the lower floors are expected to rise above ground by late May or early June and units could start being delivered by late 2009 or early 2010.

As was pointed out before, this initial construction will only be for the south tower. The developers say that buyers have signed contracts about 43 percent of the 198 condos in that building. Once that number rises to 75 percent, marketing for the north tower will begin. Enterprise and Mesirow will have to line up financing for that phase of the project when sales warrant it. Corus Bank provided a $135 million loan for the south tower, along with another $50 million added in from various investors including the developers.

Another planned “on the park” high-rise to watch is Solstice on the Park, the 26 story saw-tooth Hyde Park tower from developer Antheus Capital and architect Jeanne Gang of Gang Studios. Marketing for the 145 condos is set to begin in March, though prices haven’t been listed as of yet. Floorplans range in size from one to four bedrooms and 1,200 to 3,500 square feet. Construction on the tower is slated to start this summer and end in 2010.

2008 may be an interesting year to watch and see how many Pre Construction Condos in Chicago actually make it to the groundbreaking stage.

[tags]Walton on the Park, Chicago Condos, Chicago Real Estate[/tags]

January 14, 2008 – Friedman Properties Ltd. is seeking approval to build a trio of hotels on 501 North Clark Street. According to the Sun Times, Albert Friedman ranks as the biggest land owner in River North, and this project would transform the mostly empty site into three 23 story buildings with 729 hotel suites and 190 parking spots. Friedman has contracted with the HOK architectural firm to design the buildings and plans on having three different chains to operate the towers.

The hotel boom seems to be continuing despite predictions that it will level off in 2008. McGraw-Hill Construction Research & Analytics reported that hotel construction starts for 2007 were up 86% from last year. The opening of the Trump Hotel is perhaps the most anticipated, in part because it will be the first major project to close on contracts and possibly a predictor of how well similar developments fare. In the Chicago Tribune, Trump has stated that there are contracts for 65% or 223 of the 339 condo-hotel suites and 77% of the 486 condos. Buyers will start closing this month and some could cancel but would lose their deposit. Normally that is 20% of the purchase price, but some early deals were cut at 5%.

Developers who switched to more hotel projects than Chicago Condos could make the transition back again if the market becomes saturated.

[tags]Hotel Condos, Chicago Condos, Chicago Real Estate[/tags]

January 12, 2008 – After being pushed back for several weeks, the Chicago Spire will officially launch sales on Monday. “It’s either going to be the tallest residential building in the world or the biggest nuisance in an already crowded neighborhood,” to quote a segment from a Fox News broadcast. The story goes on to say that all of the spots on Monday are booked for private showings, so it will be interesting to see if that is an anomaly or the momentum continues.

In April developer Garrett Kelleher was quoted in a Chicago Business News article as saying he would provide as much as 30% of the project financing and the other 70% would come from the Anglo-Irish Bank based in Dublin. Kelleher also promised to donate $9 million towards the renovation of the DuSable Park. Spire condo price tags range from $750,000 to $40 million and the entire project cost reportedly tops one billion dollars.

Kelleher has made no secret of the fact that foreign buyers are being actively sought for the units. A 15 city international sales tour will kick off and focus on select Asian, European, African and Middle Eastern cities. Global marketing, website creation, all print material and branding is being handled by Third Eye Design. The traveling exhibition is also under their management. The entire theme is based on the line “Inspired by nature, imagined by Calatrava.” The book-sized promotional packet contains more images from nature, like sea shells architect Calatrava carries with him, than it does Spire renderings. Third Eye Design certainly got a boost in their ad campaign just from the attention the Spire generates all on its own as one of the most controversial Pre Construction Condos in Chicago.

[tags]Chicago Spire, Chicago Condos, Chicago Real Estate[/tags]

January 11, 2008 – With construction on 30 West Erie basically complete, there has been quite a bit of discussion about the differences in the building design as depicted on original renderings and what the finished product actually looks like. The rendering on the building’s website shows a few structural details that didn’t make it to real life. But that didn’t seem to deter buyers because there are only four units left for sale.

The main differences between the rendering and actual structure occur near the top of the building. The height of the top row of windows has been shortened and a section of half circle windows are missing. The mansard roof also looks a bit more subdued.

Moving past the exterior, there are only two units per floor for a total of twenty in all. Three bedrooms, two and a half baths, a library and butler’s pantry are standard in each condo. Track lighting spotlights a gas fireplace with stone tile hearth and surround. The master bath contains a Whirlpool corner tub plus a Kohler steeping tub is installed in the second bath. Each residence has two balconies, one off the kitchen with an electrical outlet and light plus one out front with a gas BBQ hook up. The kitchens feature a Sub Zero refrigerator, Wolf range with oven, GE microwave, Bosch dishwasher, Groche faucets, and stainless steel undermount double sink.

The developer is offering $75,000 in incentives for those last four condos. Buyers will get a free parking space valued at $50,000 plus another $25,000 in upgrades. The condos range in size from 2,288 to 2,775 square feet and cost from $1.2 to $1.6 million, making them some of the more expensive Chicago New Construction Condos.

[tags]30 West Erie, Chicago Condos, Chicago Real Estate[/tags]

January 10, 2008 – Speaking of all the new hotel proposals and the opening of Trump’s, one condominium development currently being constructed plans to offer hotel-style amenities to its residents. The Prime Group, developer of Ten East Delaware, hit upon the idea of including services from the neighboring Talbott Hotel at no extra charge to the monthly assessments. The services, such as catering, house keeping or meals from the newly constructed Bice Ristorante can be ordered on an as needed basis.

The arrangement is an interesting one and appealing to those who want hotel-type services without living in a hotel condo. The units have sold well according to the developer, with roughly 80 of the 121 condos in the 35 story building spoken for. And the building also sports The Ten Club, which is located on the top floor. At The Ten Club residents can take a swim, relax in the clubhouse, work out in the fitness center, enjoy the gardens or host a party in the private club room.

Lucien Lagrange designed the high-rise, which features one to three bedroom condos that run from 845 to 3,095 square feet of living space and are priced from the upper $500,000 mark to over two and a half million. Delivery of these Gold Coast Chicago Condos is expected to begin in late 2009.

[tags]Ten East Delaware, Chicago Condos Chicago Real state[/tags]

January 9, 2008 – You can safely repack your bags and make reservations because Donald Trump has set January 30th as the new official date for the opening of his Trump Hotel. Numerous press releases on Wednesday confirmed that the 286 rooms in the hotel section of the tower will be ready for guests and hotel condo units that have been sold will close on that date.

The long sought after occupancy permit was delayed for several weeks because of fire code issues. Things as simple yet vital as caulking any opening or wiring passage between firewalls had to be completed, among dozens of other details. The permit granted by the Chicago Department of Buildings green lights the opening of hotel floors up to level 23, with four of those floors located below ground. When completed, the 92 story tower will house 486 condos and 339 hotel suites that vary in price from the upper $500,000 to over $9 million range. According to the sales center, about 75% of the units have been sold, but we’re left to guess whether those are hotel units or residential condos.

The 286 furnished hotel suites are one to three bedroom plus an equipped kitchen. The Spa at Trump will be functional by early spring along with 53 spa guestrooms. The Attaché Services are expected to be up and running for all residents and guests. The Sixteen restaurant had been advertised to open in March, but that date has been pushed up to February 6th and breakfast is available right now. Other Trump features such as the Rebar lounge and Health Club will open at the end of February. It all adds up to some of the finest Chicago Luxury Condos to debut this year.

[tags]Trump Tower, Chicago Condos, Chicago Real Estate[/tags]