Chicago real estate developments don't change names very often, but when they do it's usually because of new ownership or a new marketing campaign. In the case of the Winthrop Club, located on 1570 Elmwood Avenue in Evanston, it's a little of both. Now called One Evanston, the 15 story, 96 unit project is under the control of the Amalgamated Bank after developers Robert Horner and Ibrahim Shihadeh of Winthrop Properties LLC were unable to pay back the balance on a $49 million construction loan in April 2010. Amalgamated, out of New York, decided to opt for a deed-in-lieu for 72 condos at this project and intends to market them again.
Other than the new ownership, new marketing and new pricing, One Evanston the same LEED certified, upscale suburban real estate development as before. As of this writing, around 75% of the 96 units are still available. The one to three bedroom condos are now being marketed by Jameson Real Estate and the lower priced condos have been cut by around 20%. New pricing will vary from $234,900 to $999,900 depending on the floor plan. The old prices ranged from $290,000 to $1.48 million. One to two indoor parking spaces are included with the purchase price, depending on the size of the unit.
Building amenities at One Evanston include an impressive fully decorated lobby, receiving room, 24 hour doorman for security, indoor guest parking that makes it much easier for friends and family who visit, an indoor swimming pool and whirlpool with towel service, fitness center, large sundeck, club room with catering kitchen and theater, bike room, resident storage lockers, high-speed elevators and high-speed Internet access.
The condos come with 9 to 10 foot ceilings, floor-to-ceiling windows with energy efficient glass to allow for plenty of natural light, hardwood flooring in all common areas, carpeted bedrooms and a terrace or balcony per unit. These condos have great views of either Lake Michigan, downtown Evanston or the Chicago skyline.
The kitchens at One Evanston are perfect for preparing great meals and feature top of the line stainless steel GE appliances, 42 inch custom Italian cabinets with under mount lighting, under mount stainless steel sinks with granite edges, 1.25 inch granite counter tops, Kohler chrome faucet and pull-out spray plus a cabinet pantry for extra storage depending on the unit plan.
Baths are designed with relaxing in mind and have an oversized 6 foot soaking tub, oversized shower with bench and linen closet, depending on the plan. They also have a dressing mirror, wall sconces, Kohler faucets and fixtures, a custom pedestal sink or under mount sink with Italian cabinet and granite or marble top.
These condos are situated in a great downtown Evanston location that is close to the Davis Street market, public transportation, Lake Michigan, Northwestern University and more than 50 local restaurants and shops. Anyone purchasing a condo at One Evanston will be able to easily walk to most points of interest in Evanston as well as quickly travel to downtown Chicago via driving or by public transportation.
Anyone shopping for suburban Chicago condos should plan on visiting the sales center for One Evanston. The price reductions may only be for the condos on the lower end of the price scale right now at this development, but there could be future price cuts if enough units don't sell as quickly as expected. Lenders arent usually interested in marketing a large block of condos, and the Amalgamated Bank is in the minority a bit. Most lenders usually opt for more drastic price cuts or an auction to recoup their money. So if you do go with the intention to buy a condo, dont be afraid to ask about any incentives, special pricing or deals on any of the units.