Chicago real estate Construction on the Ritz-Carlton Residences has been moving along at a fast pace since the $137.5 million loan from German bank Helba was secured over a year ago. The 40 story 88 unit high-rise is on track to be completed late this year (2011) and sales have been coming about as quickly as the new floors of the tower.
More than 50% of the luxury condos are under contract and Prism Development expects the building to be around 75% sold by the time first deliveries begin. Price cuts on these condos have never materialized and so far the developer has held firm on his resolve to keep it that way. The construction cost of the Ritz is estimated to be about $242 million and the $137 million Helba loan will come due later next year, so unless sales drop off, prices may remain steady.
The condos at the Ritz-Carlton Residences range in layout from one to three bedrooms. The one bedroom condos have one to 2.5 baths and size up at 1,370 to 1,920 square feet. The two bedroom condos come with two to 3.5 baths and have 1,918 to 3,480 square feet of living space. The three bedroom, 3.5 condos measure 3,634 to 3,730 square feet. Along with those condos, there are two penthouse units. One measures 4,780 square feet and the other is 5,744 square feet. Prices range from $1.25 million to $12 million.
The condos can have a study, den or media room. The one and two bedroom condos have recessed balconies. Other features and finishes include 10 foot ceilings, hardwood flooring, individual heating and cooling controls, walk-in closets, crown molding, oversized windows, prewiring for high-speed phone, cable and Internet and walkin closets.
The kitchens feature appliances by Wolf, Sub-Zero and Miele, Waterworks fixtures, Christopher Peacock cabinets and stone counter tops. Baths come with stone tile, separate tub and shower plus custom vanity.
Residents of the Ritz are treated to hotel-like amenities. Everything from pet care, plant care, housekeeping, dog walking service, limousine service and laundry service are offered. There is a concierge, doorman, valet, security and porter available. The building also boasts a fitness center, movie room, billiards room, wine cellar, salon, spa and extra storage lockers.
Lucien Lagrange designed the Ritz, which is located on 664 North Michigan Avenue. The tower is within easy walking distance from dozens of fantastic restaurants, highend shops like Cartier and Tiffany plus many other attractions.
Sales of luxury Chicago condos have been picking up, so if you're interested in one of the remaining condos at the Ritz-Carlton, contact us soon for updated availability and pricing information.