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An historic Chicago warehouse that once housed the sets of the Lyric Opera of Chicago will be converted into luxury lofts. The building, located at the south end of the Chicago Loop at 2545 South Dearborn Street, will have a total of 93 units.
The history of Opera Lofts starts in 1912, when the first sections of the building were built as a storage facility and workshop for the Chicago Grand Opera. The building was completed in 1924 and remains in an original state.
A total of 25 percent of the 93 units have already been sold. Buyers can still choose from lofts ranging from one-bedroom, 1,050 square-foot units to penthouse lofts offering over 2,800 square feet of open floor plans. Prices for the units at Opera Lofts range from just under $250,000 to $899,900.
Construction and restoration work is currently underway, with completion set for fall 2007. The 190,000 square-foot building is being restored with a focus on the history of the Lyric Opera of Chicago as well as an eye towards the latest in energy-saving technology. All of the original brickwork has been used during the restoration.
Residents will be able to enjoy green features such as a 7,000 square-foot green roof, one of the latest environmentally friendly technologies used in urban construction. The green roof helps control the emission of harmful gases. The building also features energy efficient appliances.
Each unit will feature the standard array of amenities that come with most new luxury condominiums in Chicago. Designer appliances, 42-inch cabinets, and marble countertops and floors in the bathrooms all come standard with each unit. Several lofts will offer up to 30-foot ceilings with large windows and commanding views of the downtown Chicago skyline.
Opera Lofts is located in one of the hottest neighborhoods in Chicago, the South Loop. Residents will be just minutes from some of the best attractions in the city.
Parks, restaurants, and nightlife are all within walking distance. The beach and lakefront parks on Lake Michigan are a few blocks to the west. Soldier Field and US Cellular Field offer professional baseball and football throughout the year.
Restaurants such as Evergreen, Tea Leaf Café, Sixty-Five Restaurant, and others are all nearby. The Velvet Lounge and Weathermark Tavern offer nightlife on Michigan Avenue.
The neighborhood will also undergo a major transition with the planned construction of the 2016 Olympic Village. After the games, these buildings will become residential units and bring more residents into the area.
Buyers looking for a condo or Chicago loft in the Loop should consider several issues before deciding to go ahead with a purchase. The real estate market in Chicago is going through a difficult period.
Recent numbers from the Chicago Association of Realtors for the second quarter of 2007 for the Chicago Loop show that sales and prices are down in the neighborhood.
The amount of condominiums in the Chicago Loop that were sold during the second quarter of 2007 was off over 20 percent from the previous year, while prices experienced a slight drop.
Turnover is also becoming a problem in the neighborhood. It now takes 108 days to sell a condominium, according to the latest numbers. This is up over 30 percent from last year. A competitive market with a heavy supply of condominiums and lofts should allow buyers to aggressively negotiate for a better deal.
However, the vacancy rate in downtown Chicago is currently at one of the lowest levels in recent years, meaning higher rental prices in the neighborhood. This could keep give prices an added boost in the short term.
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