February 16, 2008 – “You can’t skimp.” That’s what John Murphy from Ricker Murphy Development was quoted as saying in New Homes Magazine. He was talking about his company’s newest project, Lincoln Park 2520, which is scheduled for completion in 2009. Located at 2520 North Lakeview Avenue, this development isn’t just another carbon copy condo and townhome complex. It’s a combination of classic architectural design that recalls the 1920s and ultra modern luxury amenities wrapped up in 21, 30 and 39 stories with a limestone and granite base.

Lincoln Park is traditionally known for large homes that make up a good deal of the neighborhood. The units at 2520 tap into that craving for space, with architect Lucien Lagrange creating one bedroom condos that start at just under 900 square feet and some combined penthouse units that span nearly 10,000 square feet. The number of buyers combining units could drop the total of 320 condos to 250. Thirteen townhomes are also in the works, with possibly more in a later phase.

The interiors of the 2520 homes are designed to have a spacious, rich feel. Everything from ceilings that reach 9.5 to 13 feet, double crown moldings, wide plank oak flooring and glass tile backsplash in the kitchen and private rooftops gardens for some upper level units set this development apart from the pack. A few of the units contain dining rooms large enough to seat 16 guests. And besides the requisite fitness center and private park, the 2520 Club will provide residents with their own exclusive place to wind down.

The Lake Michigan, downtown and park views from the three towers that make up 2520 will never be blocked, which adds to the appeal of these Chicago Luxury Condos.

[tags]Lincoln Park 2520, Chicago Condos, Chicago Real Estate[/tags]

February 15, 2008 – For those of you following the progress of 565 Quincy, work has started on the eleven stories being constructed on top of the original seven story warehouse conversion. The website blog even has a new entry, so activity must be picking up with this project.

Developer Belgravia Group president Alan Lev, who is now president of the Home Builders Association of Chicago, recently commented in a Yo Chicago article about his company’s approach to incentives. He said that they typically avoid offering them and have took the stance of insuring the value of the units at 565 Quincy by a guarantee of credit refunded to the buyer if prices should get lowered, which is highly doubtful.

565 Quincy has enough perks to compensate for any incentive. The Q Room will be the ultimate playground for residents with a bowling alley, putting green, fitness equipment, movie screening room and lounge. The project was marketed towards younger buyers, and there are a number of upper level condos that are smaller in space with around 600 square feet and a price tag starting at $210,000. As for the lower level lofts, starting in the $260,000 range, you get more room from 1,300 square feet and up.

Once this development is complete, it will rank as one of the better Chicago Lofts projects in the city.

[tags]565 Quincy, Chicago Condos, Chicago Real Estate[/tags]

February 14, 2008 – Sutherland Pearsall Development has announced that their previous plan for a 38 story, 300 condo unit high-rise on 535 North St. Clair Street is being replaced with a 43 story luxury hotel, yet to be named. A recent Crain’s article reports that the $200 million building will have 498 rooms and 126 time share units. The Streeterville tower would be the first hotel project for Sutherland. A few hurdles will have to be jumped before they can proceed though, not the least of which is securing financing.

The Sutherland Pearsall Development Corp. has been in the news most recently for their 550 North St. Clair, which just wrapped up construction and is in the process of deliveries. The article quoted Mr. Sutherland as saying that only 20 of the 112 condos in that building remain for sale at this time. The range of pricing for those units left at 550 N St. Clair runs from about $288,000 on up to over $1.7 million. The only less than complimentary comments that have surfaced pertain to the rather limited kitchen space in the units there.

Another well known development, Library Tower, also announced that closings would start this May. The stately South Loop brick building topped out its 17 stories a while back and again, a lot of people were split down the middle as to whether or not they liked the design of the building housing these luxury Chicago Condos.

[tags]Sutherland Pearsall Development, Chicago Condos, Chicago Real Estate[/tags]

February 13, 2008 – Sales of hotel condo units at Trump Tower have been at 70% for some time now. Normally a new development experiences a surge at the start and another as construction gets closer to completion and potential buyers actually see the building. In the Tribune this week Donald Trump Jr. was quoted as saying 45 buyers have closed on units during the past two weeks since the hotel’s soft opening and another 30 are expected this week. But new sales don’t seem to be coming fast and furious.

There are plenty of reasons why that could be, including the slowing economy and market slump. But the recent publicity Trump has received pertaining to the lawsuits he is facing over condo contracts can’t be the best advertisement.

In 2003 Trump sold roughly 40 “friends and family” contracts at a 10% discount and 5% deposit which included use of storage, laundry, health club facilities and a stake in profits from the ballroom and meeting area, estimated at $5 million yearly. Early buyers also claim they were assured they could be in residence as much as they wanted without losing their place in the rental program. Trump began canceling the specifics of those contracts as the market prices of the units began rising. This was the catalyst for the recent surge of lawsuits.

The most prominent of those suing is David Radler, former Chicago Sun Times publisher who along with Conrad Black was convicted of lifting millions from the media giant. Trump’s legal team insists that the lawsuits aren’t founded and Trump was legally entitled to cancel or change contracts. Not matter what the outcome of the court cases, the publicity isn’t the type most Condo Developers in Chicago want.

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

February 11, 2008 – See Wong, the developer of 1349 South Wabash, and Peter Siu make up Imperial Court LLC, the company behind a new hotel on 2101-2126 South Clark Street. The Grand Imperial Hotel, which will stand 15 stories and contain 171 rooms, is being called the new eastern marker for Chinatown. Wong and Siu claim the hotel will be the tallest tower in the neighborhood, and expect the steady flow of immigrants to provide ample business.

The Tribune reported that the project is estimated to cost $50 million and be designed in an Asian style with pagoda roofs. Besides the 6,000 square feet of lower level retail space, there is a 7,000 square foot restaurant planned for the 15th floor. The Chicago Plan Commission has already given a green light to the project, and Imperial Court says they should be able to secure a manager and start construction sometime this fall in time for a grand opening by spring of 2009.

As for 1349 South Wabash, that 15 story, 78 condo tower is also still on track for a 2009 delivery. The last figures reported anywhere put the units at about 50 percent sold. The one and two bedroom condos were heavily advertised as a bargain at about $230,000 to $349,000 each, with fewer building and unit frills to keep the costs lower. They could be priced right for someone who is trying to budget or move up from Rent to own condos in Chicago.

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

February 9, 2008 – The Columbian has been completed for some time now, although sales of the condos have stalled at 70 percent for several months. The developer has been running a parking incentive deal for quite some time as well, and recently announced that it will continue in hopes of finally breaking past that 70 percent mark and moving the remaining condos.

According to the promotion, buyers will receive a discount on specific two bedroom condos and also get free parking. The exact discount amount on the units isn’t advertised, but the package deal is said to be worth an estimated $40,000. The Columbian houses 220 units in its 46 stories, with the one to three bedroom condos ranging in price from the mid $350,000s on up to over $2 million. If you go to the building’s website you’ll see the immediate delivery sign with spotlights flashing over it, an obvious attempt to grab attention.

This tower has inspired a considerable amount of debate, similar to that of 600 North Fairbanks. A fair amount of critics say the red-orange brick and Art Deco design are out of place at that Michigan Avenue location with the more contemporary One Museum Park and Museum Park West glass and concrete towers nearby. It’s a matter of personal taste, and The Columbian may be just what you’re looking for if you’re planning to Sell your Chicago Condo and move into a new one.

[tags]The Columbian, Chicago Condos, Chicago Real Estate[/tags]

February 8, 2008 – 600 North Fairbanks started closings back in the first of November, and ever since the tower topped out there has been a lot of discussion about the architectural design. A commentary from critic Blair Kamin in the Chicago Tribune late last month revived the debate. The building was a virtual sell out, with 95 percent of the units under contract or already closed according to the developer, so there must be more than a certain appeal to the 41 story tower. If you dig a little through a few realtors or classified ads, you’ll find at least 25 units still for sale either as flips or remaining developer units.

Helmut Jahn created the Streeterville building with a minimalist design, which seems to be the focus of the love it or hate it debate. The tower is long on glass with few visual breaks like mullions or concrete, and the upper floors are a checkerboard of recessed balconies and open areas. The unbroken spans of glass on the north and south translate to unit windows that can’t be opened, and the unpainted interior concrete, not quite white window shades and hardwood floors throughout are other minimalists touches.

Schatz Development also owns 610 North Fairbanks Ct., which is a 3 story building that once housed the Chez Paree club. Plans to add a parking garage on top were nixed due to structural concerns, so Jahn made use of the air space rights and 600 North Fairbanks flairs out about 8.5 feet over its much smaller neighbor. That makes the base actually smaller than the rest of the building. Add in the curving corner and you have a truly unique design for these Chicago Condos in Streeterville.

[tags]600 North Fairbanks, Chicago Condos, Chicago Real Estate[/tags]

February 7, 2008 – CMK Development Corporation’s 235 West Van Buren is steadily moving up out of the ground. From late last month on, a lot of activity could be seen at the construction site. More piles were dug and forms started to go up as concrete for the foundation was poured. If the weather cooperates and work progresses at the present rate, there should be no problem sticking to the early to mid 2009 delivery date for these condos.

Developer Colin Kihnke of CMK has a pretty much tried and true strategy for selling units. He tends to price them 10 to 15 percent below the average cost for similar developments. His other projects, 1720 South Michigan Avenue and 1620 South Michigan, have sold very well, and sales at 235 W Van Buren have been strong. In a previous Crain’s article, Kihnke stated that about 50 percent of the 714 units sold in the first six months of marketing.

Prices for the condos range from the upper $170,000s for studios to around $290,000 for a two bedroom and top prices hovering at the $350,000 mark. Even with the competitive pricing, buyers will still get mostly floor to ceiling windows, high speed Internet, phone and cable television hook up, European style kitchen cabinets and bathroom vanities, granite counter tops and designer lighting. For the price, it’s a pretty good deal for Pre Construction Condos in Chicago.

[tags]235 West Van Buren, Chicago Condos, Chicago Real Estate[/tags]

February 6, 2008 – Fogelson Properties and Forest City Enterprises are proposing a mega development that would span over 23 acres and unfold over a decade of construction time. The ambitious project has been christened Gateway, and according to a Tribune article, could run upwards of $4 billion to build.

Fogelson is the developer behind Central Station, so a project of this size isn’t something new for them. Gateway would be hemmed in by 14th Street, McCormick Place, Lake Shore Drive and Indiana Avenue. The sprawling complex would also be near Soldier Field. Jerry Fogelson was quoted in the Tribune as saying the development would include a pedway for Lake Shore Drive, a monorail and an 18th Street ramp that would connect LSD with Michigan Avenue. He confirmed that they already own the air rights over the Metra tracks.

The sprawling complex would contain 4,000 residential units, 3,000 hotel units, 300,000 square feet of retail space and a 70 story office tower that would have 1.5 million square feet of space. The close proximity of the development to McCormick Place would no doubt provide a flow of convention attendees to fill the hotel rooms. And if Chicago manages to land the 2016 Summer Olympics, the Olympic Village will be built just to the south.

Fogelson, who is one of the more experienced Condo Builders in Chicago, would like to begin the Gateway project in 2009.

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

February 5, 2008 – The recent semi-boom in condo hotel and hotel developments has caused a corresponding increase in disputes between union workers and developers. The first major battle began over four years ago and only recently came to a conclusion of sorts. The dispute between Congress Plaza Hotel and local union workers from Unite Here Local 1 ended up costing the 115 year old building approval from the Chicago Plan Commission for an expansion and renovation.

Another possible development casualty that we posted about is the IBM Building. The owner, Prime Group, plans to sell floors 2 through 14 to Oxford Capital Group who then intends to give the aging building a boost by renovating those floors and putting in a hotel. Prime is seeking landmark status for IBM, which would qualify it for a 12 year major tax break worth millions. In a Sun Times article, the union contends that unless a neutrality agreement is signed promising that attempts to unionize hotel workers won’t be fought, the City Council shouldn’t grant the status. Oxford’s plans haven’t yet reached the stage of finding an operator for the proposed hotel. Not all chains work with unions, so the neutrality agreement would be restrictive.

And now the most recent fight is shaping up at the newly opened Trump Hotel. A portion of the 339 room hotel is already doing business and staffed by a large number of workers who aren’t currently unionized. Local 1 members plan to picket the hotel this week in hopes of convincing Trump to enter into a union agreement and also to persuade the current employees to join the union.

In the long run, the economic benefits Chicago Neighborhoods get from hotels should be weighed against union benefits.

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