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]

This entry was posted on Monday, February 23rd, 2009 at 4:30 pm and is filed under Uncategorized.