February 28, 2009 – For those of you watching the progress of The Legacy, Mesa Development’s 72 story high-rise in Millennium Park, you have probably noticed that it isn’t far from topping off. The tower, located on 60 East Monroe Street, contains 356 Chicago condos and deliveries on the first round of units are scheduled to begin later this fall, probably around September, according to the sales staff.

The Legacy, designed by Solomon Cordwell Buenz, has an impressive list of building amenities. Besides the 24 hour doorman, concierge service, bike room and fitness center, there is the heated indoor pool and spa, sundeck and terrace on floor 15 plus lounges and sky gardens on floors 42 and 60. And don’t forget the sky bridge that connects this Chicago real estate development to the University Club where residents have access to catering services and squash courts. The condos will also have the expected luxury finishes such as stainless steel appliances, hardwood flooring and marble baths.

Sales at the Legacy have been pretty strong, and the high-rise is around 87% sold. Of the condos that are still available, there is a still a good selection of one to four bedroom layouts through the building. Those remaining units are priced anywhere from the high $400,000s to over $4 million. The combination of location, amenities and prices puts The Legacy in the category of Chicago Luxury Condos.

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

February 27, 2009 – The Chieftain Group, developers of Lexington Park Condominiums on South Indiana Avenue, is advertising a discount of as much as $30,000 off certain unsold units for a limited time. The 35 story tower topped off late last year and deliveries on the first of the 297 units are expected this spring, around April. The 7 story 36 unit loft building that is also under construction and attached to the high-rise via a parking structure and landscaped terrace will also be ready for deliveries soon, according to a recent ad in the Tribune.

Along with the price reductions, buyers can also get half off the price of parking at Lexington Park. The spaces are priced at $34,900, so buyers will be paying $17,450 while the offer is in effect.

The units at this Chicago real estate development are about half sold, and prices on the Chicago condos at Lexington run from about $209,900 to $721,900. These condos size up at about 656 to 1,346 square feet and are one and two bedroom layouts. The discounted lofts are currently priced from about $199,900 to $349,900. The lofts have from one to two bedrooms and measure around 1,068 to 1,645 square feet.

Some of the features include the standard stainless steel appliances, granite counter tops, Moen and Nautica faucets, eco-friendly bamboo flooring, carpeting and Carrarra marble in the baths. Lexington Park Condominiums and Lofts are one of the first developments of Chicago Lofts to roll out incentives this year, so a visit to the sales center might be worth the trip.

[tags]Lexington Park Condominiums, Chicago Condos, Chicago Real Estate[/tags]

February 26, 2009 – With construction on Aqua set to wrap this year, work is also underway on the nine townhomes that are next to the Park at Lakeshore East. The townhomes are also the work of architect Jeanne Gang, just like Aqua, and the building blog states that the developer will start marketing on this phase of the project sometime this spring. The townhomes will all be three story units, and as soon as more information becomes available we will post it here.

As for the tower itself, Aqua is certainly one of the most recognizable high-rises in the 28 acre, $4 billion Lakeshore East complex. This Chicago real estate development, which is really more of a planned community, is about one third complete according to a recent article by the Council on Tall Buildings and Urban Habitat. The CTBUH also stated that Aqua is actually 88 stories tall, not the widely listed 82 or 83 stories that most assume. The building’s eight story base will be crowned with an 80,000 square foot terrace with landscaped gardens, pools, gazebos, hot tubs, trails for walking and running and a fire pit.

As for the trademark wavy balcony design, the article went on to explain that every floor plate in the building is a different shape on every level. The balconies are what gives Aqua its ripple, and in some cases they jut out up to 12 feet from the glass curtain wall. The floors in these Chicago condos are an average of 9 inches thick, but the balcony floors become thinner as they extend out from the building, adding to the ripple or wave illusion.

There is still no word about what will fill the vacant hotel space at Aqua, which was to include one of the largest ballrooms in the city. At one point developer Magellan considered adding more apartment units, but with news that apartment rents are sliding and added competition from Rent to own condos in Chicago, that may not be something they are still contemplating.

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

February 25, 2009 – Even with no major loft developments ready to break ground any time soon, anyone who is interested in that style of Chicago condo still has several projects already in the works with units still available. There are a number of loft buildings in the Printers Row and Motor Row section as well as several in the South Loop. Motor Row Lofts on South Michigan still has a number of its 52 units available for rent or sale, and Prairie District Lofts on 1727 S Indiana Avenue are both selling and renting units as well.

Motor Row Lofts have from one to three bedrooms with optional den, one to 2.5 baths and about 1,057 to 2,050 square feet with prices from the mid $200,000s to mid $600,000s. Residents can still take advantage of the eight year tax freeze under the Illinois Property Tax Assessment Freeze Program due to the historic landmark status of the buildings and follow that up with four years of additional tax discounts.

At Prairie District Lofts, Kargil Development is offering the remaining unsold condo lofts for rent, but potential residents should be aware that those same units are still up for sale. The building is about 70% sold, and if a particular unit is currently rented and then happens to sell, the renter will have about two months to vacate. The rental units are being advertised as ready in 90 days, so the developer will have time to do the necessary upgrades on the kitchen and bath before the new owner moves in.

Prices on the lofts at this Chicago real estate development range from the low $200,000s to low $500,000s for the one to three bedroom units. Two years of free parking in a nearby lot are being offered to first time buyers as an incentive. And the project has received FHA approval, so if you qualify you can score a 3.5% down payment.

We’ll keep you posted on all the latest deals on Chicago Condo Lofts, so check back in with us regularly.

[tags]Chicago Condo Lofts, Chicago Condos, Chicago Real Estate[/tags]

February 24, 2009 – In response to those who have pointed out that the 35 Union Row townhomes are situated close to the Dan Ryan Expressway and train tracks, Chicago real estate developer Zev Salomon of Belgravia Group points out the obvious in a Chicago Magazine interview. “Anywhere you live in the city, you’re going to live near some piece of infrastructure,” he told the magazine. But Belgravia has taken extra steps to make up for that.

The Union Row townhomes, situated on West 16th and South Jefferson, have gone the extra mile when it comes to silencing any outside sounds. There is extra insulation in the building walls and the windows are insulated as well, thus reducing noise. The layouts of the townhomes were created with the location in mind to also maximize the sound reduction. Many of the units were designed so that the living areas of the home are located as far away from the tracks as possible. This was accomplished by putting some of the garages, lawn spaces and fire escapes on the track side of the development.

The Union Row townhomes with their classic two-toned red brick exteriors are all four stories tall and come with a two car garage. The residences have from three to four bedrooms and open kitchen layouts. The homes run from about 2,270 to 2,900 square feet in size and there are only about a dozen units left for sale right now. Prices on these remaining Chicago townhomes run from about $535,000 to $719,900. Buyers can also be assured that their units won’t be devalued by the developer lowering prices on the last few sales because Belgravia has a policy of holding true to the original unit prices.

If you’re unsure about Union Row, there are several other Townhouses in Chicago on the market right now.

[tags]Union Row, Chicago Townhomes, Chicago Real Estate[/tags]

February 23, 2009 – Since the Ritz-Carlton Residences are one of only three major Chicago real estate developments that are set to deliver units in 2010, it might be time to see how the project is progressing. Most of the activity has been centered around the Farwell Building, with the facade being reused, preserved and incorporated into the new structure. It will probably be a while before actual above ground construction on the 40 story high-rise will start because crews still have to put in a two story underground 177 space parking garage.

Several business were razzed in preparation for building the Ritz. Starbucks, the Terra Museum of American Art and Garrett’s Popcorn are all gone from the 644 N Michigan site and Hanig’s Footwear made a move to the John Hancock Center. Current plans call for occupancy to begin in 2010 but construction may stretch well into 2011. Prism secured a $137.5 million construction loan from the German bank Helaba in May 2008, along with another $40 million in equity from the Kuwait Finance House according to a Crain’s report.

Prism Development has stated that while contracts on the 86 luxury Chicago condos in the project have stood at 40% sold for months, there is continued interest from potential buyers. Prices on the units at the Ritz run anywhere from $1.9 million to around $13 million. One sales associate stated that Prism has thus far not offered any incentives or special pricing, believing that the level of quality will be enough to compel buyers to purchase. In today’s market though, that sales strategy may not work as well as it did a few years ago for Chicago Luxury Condos.

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

February 21, 2009 – If you’re in the market for a new townhome, then you may want to check out the units in the first phase of Fletcher Row in Roscoe Village. This Chicago real estate project is the work of Bluestone Development, and at last count there were still eight townhomes left for sale.

Bluestone has been marketing phase one of these townhomes for about two and a half years. Prices on the three and four bedroom homes did range in the $600,000 to mid $800,000 range, but have since seen some significant price reductions. The 2,179 to 3,044 square foot homes are now listed from the high $400,000s to mid $700,000s. There had been an offer on the table of developer financing for 4.99% and just a 10% down payment, but given the current market conditions, you may still be able to score a deal.

Some of the features of these townhomes include 9′ ceiling height on the ground floor and 10′ ceilings on the top two floors, oak staircases, some plans with skylights, ventless gas fireplace, kitchen island and tech center, custom made cherry cabinets, 3.5 baths with Tot and Hans Grohe fixtures, laundry room, Pella windows, brick and copper exterior and large professionally landscaped yard.

The second phase of Fletcher Row calls for another 10 townhomes, but until the first phase nets more sales it’s doubtful new construction will start. There are also lots of other Townhouses in Chicago and you can get more information on those by visiting our development profile pages.

[tags]Fletcher Row, Townhomes In Chicago, Chicago Real Estate[/tags]

February 20, 2009 – The Metropolis, the planned $155 million mixed-use development for the corner of 39th and State, is no longer a Superman-sized project. In fact, the once 330,000 square feet of retail and 100 to 150 Chicago condos has been reduced to only about 123,000 square feet of retail and no residential units. This proposed Chicago real estate development was introduced in 2007 by Capri Capital Partners but has since fallen victim to the declining housing market, according to a Sun Times article.

The Metropolis had been seen as a boon for the Bronzeville neighborhood. But Steve Lane, Capri partner, told the Tribune that the project as it was originally planed was no longer viable in today’s market. “Economic head winds caused us to rethink what would be buildable and profitable,” Lane admitted. The development will still retain the name Metropolis, but has been scaled down from $155 million to a new cost of $50 million.

With the condo portion of the development gone and the retail space resized to half of what it was, the project does however have its anchor tenant signed. Roundy’s Supermarket has signed a loner term lease for 60,000 square feet of space and plans to be open by autumn of 2010. Zoning changes will have to be made, but barring any problems work should soon begin on the project. Two other major tenants are being courted by Capri, a bank and a pharmacy, but no names have been announced yet.

With the recent news from Appraisal Research Counselors that downtown condo developers posted net loss of 253 sales in the last quarter of 2008, it isn’t shocking that large scale developments like The Metropolis have had to alter or shelve plans. Most of those 253 lost sales were from buyers who had to cancel or walk away from contracts, either out of financial necessity or by choice. The highest unsold inventory appears to be in the South and West Loop, but other Chicago Neighborhoods have their share of condos still on the market as well.

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

February 19, 2009 – The rush by Chicago real estate developers to build hotel condominium towers may be coming to an end. Two separate developers have recently announced plans to either scrap or put on hold their projects due to decreasing demand for hotel space and tightening credit. Streeterville may see one less future hotel condo project, the proposed 107 story high-rise on 301 E North Water Street, that was to be anchored by a Waldorf Astoria hotel. The other was a hotel condo planned for 150 E Ontario Street that would have housed a Marriott Edition hotel, according to Crain’s.

The Waldorf Astoria was being developed by Christopher Carley and was designed by architects DeStefano & Partners. A $38.7 million dollar loan issued by developer Fred Kummer came due on January 3rd, and a $711,000 suit was filed by the architects as well. DeStefano stated that their fees were for the conceptual design of the tower and if they had worked to completion their fees would have been over $13 million. Kummer used the word “problematic” when asked about the loan and declined to comment on whether or not he is willing to renew it and extend the payback date.

Carley remained optimistic though and believes the high-rise can still be built, just at a later date. “We think it’s going to be a couple years, anyhow,” he told Crain’s.

As for the proposed Marriott Edition that Monaco Development was planning, the hotel chain decided to back out of the deal. The tower would have consisted of a 330 room hotel and 20 luxury residential Chicago condos. A Monaco spokesman stated that they will continue to look for a new hotel chain to partner with or may change the design of the project. “We definitely plan on going forward with the project,” he said. They have to make plans soon because in November they have a $20 million property loan coming due.

While their won’t be a new Waldorf Astoria built anytime soon, you can still find many Chicago Condos in Streeterville for sale.

[tags]Waldorf Astoria, Chicago Condos, Chicago Real Estate[/tags]

February 18, 2009 – It may come as no surprise to some, but the Mandarin Oriental Tower is now facing a foreclosure suit filed by iStar Financial based in New York. Crain’s reports that the $43 million loan was for development costs the purchase of the building site, located on the corner of State Street and Stetson Avenue. The planned 74 story mixed-use high-rise had an estimated cost of about $750 million, and Palladin Development hadn’t been able to secure a construction loan for the tower.

According to the article, the Mandarin sales center has been shuttered since December 2008, and marketing for the hotel and condo units has also stopped. Appraisal Research Counselors stated that roughly 52% of the 262 residential Chicago condos in the building were under contract and around 44% of the hotel condo units were sold. Overall sales had been flat for most of 2008, and prices on the units were in the luxury range of the upper $600,000s to more than $17 million. ARC also reports that while Palladin is still trying to find a lender, the chances of this Chicago real estate project actually being built aren’t good.

The original purchase price for the building site was $27.2 million back in 2005 and the original loan that iStar made to Palladin was for about $25 million. Other monies were borrowed to start up the project, and payback on the $43 million final total had been renegotiated seven times, with the last due date being October 15, 2008.

With hotel vacancies up and credit still extremely tight for developers of Chicago New Construction Condos, it’s likely that we will see more struggling hotel and condo projects come to a close this year.

[tags]Mandarin Oriental Tower, Chicago Condos, Chicago Real Estate[/tags]