Sherman Plaza

Downtown Evanston continues to attract new luxury high-rise condominium developments that are changing the face of the neighborhood.

One of the largest developments in downtown Evanston is Sherman Plaza. The mixed-use development offers 152,000 square feet of retail space and a parking garage with 1585 spaces.

The Residences of Sherman Plaza tower 25 stories over downtown Evanston, with a total of 253 condominiums.

Development of the project was led by Focus Development, a Chicago-based company that has worked on several major projects around the city.

Buyers have many floor plans to choose from at Sherman Plaza. Units range in size from one to three bedrooms, with both condominium and loft layouts.

One-bedroom condos have 963 square feet of living space, and prices start at $337,900. The largest three-bedroom residences offer 1,778 square feet and are priced in the $600s.

One unit currently on the market is a two-bedroom and two-bath condominium on the 22nd floor. The condo is priced at $625,000.

The list of amenities at Sherman Plaza is almost endless. Residents enjoy a 24-hour doorman service, a half-acre green roof, and membership in a modern new fitness center.

The building also offers a swimming pool, basketball court, and full service spa.

Many units at Sherman Plaza enjoy incredible views of downtown Evanston, Chicago, and Lake Michigan.

Sherman Plaza is also home to many major retailers. LA Fitness, Pier One, and Elizabeth Arden Red Door Spa are among the many retailers that have chosen Sherman Plaza.

Sherman Plaza is close to Northwestern University, making the development an excellent choice for college students and professors. Young professionals and families will love the easy connections to downtown Evanston and the downtown Chicago business district.

There are plenty of restaurants, excellent nightlife, and public transportation within blocks of Sherman Plaza.

If you’re considering a condominium in Evanston, you should keep up to date with the latest statistics coming out of the real estate market for the neighborhood.

Evanston has seen heavy development of condominiums in recent years. Demand for condos in Evanston, as well as the rest of Chicago, is dropping to levels not seen in several years.

According to the third quarter report from the Chicago Association of Realtors, a total of 224 condominiums were sold in the neighborhood. This is a 17 percent drop from the same period last year and the lowest total sales for Evanston since 2000.

Meanwhile, condo owners and developers are facing longer waits to find a buyer. The average turnover time for the neighborhood is currently at 129 days, a 37 percent increase over last year.

While the average sales price continued its upward march, if demand drops and the supply of condos for sale in Evanston sit longer on the market, buyers may start to find lower prices in the next few months.

The average sales price for a condominium in Evanston is currently at $325,377.

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