December 20, 2007 – Developers Mesirow Financial Real Estate and Enterprise Co. have announced the groundbreaking date of January 21, 2008 for Walton on the Park. This comes on the heels of closing a $135 million construction loan from Corus Bank to finance the first phase of the two tower project. Besides the loan from Corus, the developers and a group of investors have raised roughly $50 million themselves for the project.
The first tower is set to be 39 stories with 198 condos. Enterprise chairman Ron Shipka was quoted in Crain’s as saying they have sold about 43% of the units in the first building, which will be constructed on the south side. The north tower will house 187 condos and those won’t begin marketing until the south tower sales reach 75%, which is expected to be sometime late next year. The Walton website lists one bedroom units from $450,000, two bedroom from $540,000 and three bedrooms from $1.3 million.
Walton on the Park takes its name in part from Washington Square Park, which is located just across the street and is Chicago’s oldest park. Amenities at this Gold Coast development include a sun deck complete with outdoor fireplace, pool, grilling stations and landscaped garden. The Walton Club is slated to be a top notch fitness center and spa for residents. There will also be a concierge at the ready to handle reservations and all the little details in life.
Gold Coast Chicago Condos like Walton on the Park usually command higher prices, but as with most things, you get what you pay for.
[tags]Walton on the Park, Chicago Condos, Chicago Real Estate[/tags]