Eco18

• Location: South Loop
• Address: 1818 South Wabash Ave.
• Delivery: Mid 2009
• Capactiy: 12 stories, 93 condo units, 9,000 sq. ft. retail space
• Footage: 809 to 1,583 square feet
• Developer: Dynaprop Development Corp.
• Archetect: Wight & Company
• Notes: Eco18 is seeking Gold LEED-certification for environmentally friendly buildings - this means that the builders follow more stringent guidelines. Up to half of the hot water will be heated by solar panels on the roof, and the building has it's own geothermal heating and cooling systems.

Many developers of Chicago condominiums are looking to green technologies to attract buyers looking for an environmentally friendly home.

One of the newest developments announced for the South Loop section of Chicago is being touted as a cutting edge green building. Eco18 is located at 1818 South Wabash. The building will offer 93 condominiums in 12 floors.

The building is the first to receive Tier Three qualification from the city of Chicago. Developers are also seeking LEED Gold certification.

Developers are using green technologies in all parts of the construction of the building. Supplies and materials were chosen to minimize the effect of the construction on the environment. Water usage was also monitored to ensure a minimum level of waste.

The building will include solar panels on the roof that will provide half of the building’s electricity needs for heating and hot water.

The 12,000 square foot garden that will be located on the fourth floor is another new technique in urban construction. The garden helps to reduce pollution and works to cool the urban environment. It is also an excellent escape for residents looking for peace and quiet in the heart of the city.

Other environmentally friendly amenities include water saving technology throughout the condominium. Showers, toilets, and faucets all come with the latest in water-saving technology.

The building will use 35% less water than other similar constructions.

Amenities in the units include bamboo flooring and floor plans that allow residents to set up an office at home.

There is also a modern fitness center on the fourth floor that give residents the opportunity to stay in shape in the comfort of their own home.

Residents can choose from several different floor plans. One- and two-bedroom condominiums are available both with and without a den. Preconstruction prices start in the mid-$200s.

Eco18 is located in the heart of the South Loop. The neighborhood has many great amenities for residents.

Restaurants near Eco18 include Triad Sushi Lounge, Opart Thai House, and Café Bionda. There are also many options for a night on the town in the neighborhood. Grace O’Malley’s, Bongo Room, and Room 21 are popular hangouts in the South Loop.

There are plenty of transportation links to downtown Chicago and other neighborhoods around the city. The CTA red, orange, and green lines are all within just a few blocks on Roosevelt Avenue. Metra connects the neighborhood to the Chicago suburbs and downtown.

The real estate market in the South Loop is going through a difficult period, with fewer sales and higher inventory levels.

According to the Chicago Association of Realtors, the number of condos sold in the Chicago Loop dropped by 20 percent during the second quarter of 2007. There were 211 condos sold around the Loop.

Demand has been hurt by increasingly difficult access to credit. Banks and lenders are tightening requirements in response to a marked increase in foreclosures around Chicago and the rest of the country.

The supply of condos in the neighborhood is also increasing. If you are selling your condo in the Chicago loop it will now take you about 108 days to find a buyer, according to the Chicago Association of Realtors.

This is up from 80 days during the same period last year.

The average sales price of condominiums has dropped for the first time since 1993 in the Chicago Loop. The average sales price is now at $363,256, down just over $1,000 from the same period last year.

Prices for condominiums in the Chicago Loop could continue to drop, particularly if buyers continue to have difficulty accessing credit.

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