July 9, 2009 – Actual groundbreaking on the Ritz-Carlton Residences began the end of last month, although you might have thought it did some time ago. All of the work that had been done up to this point was the preservation of the facade of the historic Farwell Building and the demolition and clearing on the site. But with that out of the way, excavation and foundation work can start. The developer expects to have the steel framing up by October and deliveries for the 88 luxury Chicago condos there are still on tap for 2011.

“Expect the Extraordinary” is the catch phrase being used for this Chicago real estate development and in a Rubloff blog Prism Development Company principal Bruce Schultz said, “In a time when there is so much concern about the business climate, it is a very positive sign for the economy of this city that a major residential development has sold 45% of the units, secured financing and is now under construction.” Rubloff is the exclusive marketer for The Ritz.

The 40 story tower was designed by Lucien Lagrange with French nuances. The units will come with a fair amount of privacy with four per lower floor, then two per floor as you go up.

The condos have one to three bedrooms, some with a study, and 10 to 12 foot ceilings. Other standard finishes include floor-to-ceiling windows, 5.5″ wide plank wood floors, crown molding, smart home technology, walk-in closets and large balconies and terraces. Master baths have natural stone tile, double basins, whirlpool tub and separate shower. The kitchens come with stone counter tops, wood cabinets, Sub-Zero, Wolf and Miele appliances.

Building amenities include the 12,000 square foot Landmark Club which has a movie room, wine storage, billiards room, salon and bar. Residents will also have valet and concierge service, 24 hour doorman, housekeeping, security staff and an on-call gourmet chef.

Prices start at about $1.25 million, so these units can definitely be classified as Chicago Luxury Condos.

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

This entry was posted on Thursday, July 9th, 2009 at 3:00 pm and is filed under Mortgage Information.