April 30, 2008 - A planned development for River North looks as though it has managed to weather the market storm and is headed for ground breaking sometime soon. 9 West Erie is 30 percent sold according to a recent post on Yo Chicago. The sales information was given out by Andy Magliochetti from Real Living Helios Realty. The write up claims that 30 percent, not the normal 50 percent or more that most developments need, is the magic number for 9 West Erie to begin construction.

Reasons given as to why Provence Development has been successful with this project include the popularity of the floor plans with one bedroom. With an affordable price tag from $280,000 up and 750 to 850 square feet of living space, these units evidentially struck a chord with new buyers. Magliochetti cited the fact that average prices in River North for a one bedroom Chicago condo in a new development run as high as $700,000 so the lower cost had to play a part in pushing the sales numbers up.

The building itself will have 10 residential floors with just 6 condos per floor. Those 60 units are one and two bedroom, one to two bath layouts. A fitness center, roof sun deck, theater room, dog run, ground floor retail and three levels of underground parking round out this Chicago real estate development.

Interior perks include many eco-friendly details since this building is aiming for LEED certification, which isn’t common yet in River North. Bamboo or eucalyptus flooring, low VOC paint and materials, floor to ceiling windows, exposed 9 foot concrete ceilings, large balconies and energy efficient appliances are all standard, making these units similar in style to some of the more hip Chicago Condo Lofts.

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April 29, 2008 - Finally after all the promotion, construction, controversy and trial run, the Trump Hotel and Tower had its grand opening yesterday. The 92 story luxury high-rise is still under construction, but began delivering hotel condo units in late January. The tower should be completed by summer of 2009, but is already raking in good reviews and generating a lot of business.

“It’s better than we ever expected,” Donald Trump’s son Eric was quoted in as saying in Crain’s today. “We had a few more (sales) last week. As the hotel becomes more established and as people get to know about it and the spa, we expect that to pick up.” The elder Trump put the sales figure at 75% for the tower. The article said 130 hotel condo closings have occured in the past 10 weeks. Rates for a lake executive room run $625 per night and the three bedroom suites are priced at $3,200 a night. Closings on the Chicago condos should begin later this summer.

Trump Tower was also recently honored by being named one of the world’s top new hotels by Conde Nast Traveler magazine. The hotel will be mentioned in the May 2008 issue’s Hot List and received three out of three “flames”. Of the 136 world wide winners, Trump was the only new U.S. hotel to make the list. Chef Frank Brunacci is in charge of Sixteen, the building’s restaurant, and diners will be able to enjoy their meals outside on the open patio that will be finished next year. Rebar, the upscale lounge named for the hefty 50,000 tons of reinforced bar that went into the building’s construction, also opened recently. From special in house drinks and juices to the fantastic view, it has already received great reviews as well.

Other unique amenities at this ultra luxury Chicago real estate development that will be in full swing soon are The Spa at Trump and Trump Health Club, complete with 53 spa guestrooms that will be available. In the Chicago Luxury Condos category so far, this development seems to be the one to beat.

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April 28, 2008 - First deliveries for MoMo began back in late January, early February, and the high-rise hasn’t yet been renamed for the Joffrey Ballet. It seems even though that option is open to the company, the name change has to first be approved by a majority of the condo residents, according to the Chicago Tribune Skyline blog. Be it MoMo or Joffrey Tower, the 151 North State Street high-rise can probably be called a success in terms of sales and design.

Situated above the base where the Joffrey Ballet will take up residence in June is a large void carved out of the tower. These empty legs serve to raise the following floors so that lower level condo residents can see beyond a nearby parking garage. Loehmann’s also occupies part of the four story tower base.

Another dramatic effect of this Chicago real estate development will be the visual of the ballet dancers through the third and fourth floor windows. There will also be a fourth floor preview studio where patrons can catch a sneak peek at future productions.

The tower was designed by Laurence Booth, and because of the city’s insistence on developer Smithfield Properties enticing the ballet to relocate there, some aspects had to be configured to accommodate that. Ten layers of drywall had to be installed for sound proofing in the lower level ceilings so that the rehearsals wouldn’t reverberate in nearby floors. Joffrey purchased their new MoMo home in part with state funding of about $4 million.

There are still Chicago condos available in this high-rise, mostly from investors and as flips. These units weren’t billed as typical luxury condos, but if you’re looking for nice Downtown Chicago Condos, they might work for you.

Technorati Tags: MoMo, Chicago Condos, Chicago Real Estate