May 26, 2008 – With construction finally imminent for the Ritz-Carlton Residences, a couple of neighborhood landmark businesses will make their last sales at the building site either the end of this month or early next. Both Hanig’s Footwear and Garrett Popcorn are vacating the Michigan Avenue parcel as Prism Development finalizes paperwork and gears up for demolition.

Crain’s reported that Hanig’s has a new store in the same tower as the John Hancock Center Chicago Condos and Garret’s is still looking for a new place to pop. The Ritz struggled with obtaining financing for longer than expected, so the store closings are actually much later than were initially expected when sales for the high-rise first began in 2006.

The Ritz secured $137.5 million in financing only a few weeks ago from German-based Helaba bank and also $40 million from Kuwait Finance House. Negotiations with the city and preservation groups also slowed the construction plans as an agreement was reached to save the facade of the historic Farwell Building on site. But now that everything seems to be falling in place, look for activity at the building site to pick up soon.

No word from the developer about any increase in sales activity yet. The 88 Chicago condos marketed in this 40 story tower have been around 40 percent sold for a long time, but that number could move up along with the tower as the project becomes a reality. Prices for units at this Chicago real estate development reflect the level of luxury and amenities offered. Buyers planning on putting on the Ritz can expect to pay anywhere from $1.5 to $10 million for a condo there, putting them in the same class as several other Chicago Luxury Condos.

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

This entry was posted on Monday, May 26th, 2008 at 2:56 pm and is filed under Mortgage Information.