West Loop, River North Sizzels—New Condo Market Far From Dead
Despite the decade-long boom in new rental apartments in Chicago, the market for new-construction condominiums is far from dead.
A new survey by Association Evaluation, LLC, found a total of 2,134 new condo units in 26 Chicago projects are in the pipeline for completion in 2019 and 2020, or later.
“While about a half dozen of the buildings are large high-rises, the lion’s share of the projects in our survey are boutique condo developments with 20 to 40 units,” noted Sara Benson, president of Association Evaluation, LLC, a Chicago-based real estate data-analysis firm.
There also are 1,074 new rental apartments in the mixed-use high-rises surveyed, so the entire Association Evaluation survey found a total of 3,208 new units in the pipeline.
“The West Loop and River North are especially hot, with 14 projects underway or planned in these new-construction condo boomtown neighborhoods,” Benson said.
One of the hottest new West Loop projects is 900 W. Washington St., a 10-story boutique condo with 22 units being developed by Taris Real Estate. Prices exceed a whopping $1,000 per square foot. Crain’s recently reported that a 4,950-square-foot penthouse on the ninth floor of the building sold as raw space for $5.72 million.
Here are other projects now in the marketing phase, under construction or proposed in the West Loop:
• Illume. 111 S. Peoria St., 79 units, 1 to 4 bedrooms,
$192,000 to $2.495 million. LG Development, LLC.
• West Loop Collection. 240 S. Green St., 40 units in five separate 8-unit buildings, $989,000 to $2.075 million. POGN Development.
• 236 S. Racine Ave. 20 units, $565,000 to $885,000. C3, also known as Chicago Condo Collection.
• 170 N. Peoria St. 300 units planned in a 43-story high-rise, Related Midwest & Tucker Development.
• Hayden West Loop. 111 W. Washington St. and 19 N. May St., 56 units planned in twin 9-story, 28-unit buildings.
• 1000 W. Monroe St. 12 units in an 8-story mid-rise building. Prices range from $500 to $700 per square foot. Valerio Dewalt Train Associates.
Here are details on the seven projects now in the marketing phase, under construction or proposed in River North:
• Three Sixty West. 360 W. Erie St., 38 units, 3-bedroom layouts, $1.1 million to $1.7 million. Belgravia Group.
• The Ronsley. 678 N. Kingsbury St., 41 loft condo and penthouse units, 2 to 4 bedrooms, 2 to 4.5 baths, 2,156 to 5,349 square feet, $1.395 million to $4.995 million. LG Development, LLC.
• Renelle on the River. 403 N. Wabash Ave., 50 units, 17 stories, 3 and 4 bedrooms, 1,827 to 3,434 square feet, $1.3 million plus.
• 56 W. Huron St. 11 units, 3 stories, $1.4 million to $4 million. Kieferbaum Development
• Superior House. 366 W. Superior St., 34 units, 12 stories,
2 to 4 bedrooms, $1 million to $3.5 million. Ascend Real Estate Group.
• 61 W. Erie St. 10 units, 10 stories, approximately 2,900 square feet per unit. LG Development. LLC.
• The Bentham. 146 W. Erie St., 31 boutique 3-bedroom units, 15 stories. Sedgwick Properties.
Here is a list of other new condo projects in the market phase, under constructions or proposed in various city neighborhoods:
NEW EAST SIDE
• Vista Tower. 363 E. Wacker Dr., 406 units, 101 stories
Magellan Development Group & Wanda Development.
• Fifteen Fifty on the Park. 1550 N. Clark St., 32 units, 3 and 4 bedrooms, 2,300 to 4,500 square feet, $1.625 million to $5.85 million. Golub & Co., CIM Group & Avode Group.
• No. 9 Walton. State St. and Walton St., 68 units, 38 stories, 2 to 6 bedrooms. Twenty-three already units sold for more than $4 million. JDL Development.
• Holy Name Towers. 733-755 N. Dearborn St. Two high-rises are proposed with 45 stories and 76 stories. Plan calls for 75 condos and 795 rental apartments. JDL Development.
• 2505 N. Milwaukee Ave. 18 units, SNS Realty.
• St. Boniface. 1358 W. Chestnut St., 39 units 17 single-family residences in existing church, plus 24 new construction condos. Stas Development.
• 1220 N. Bosworth St. 34 units, 12 stories. Henry Street Partners
• Ace on Ashland. 1013 N. Ashland Ave., 33 units, 4 stories,
2-bedroom layouts. GNP Development.
• 670-680 N. Milwaukee Ave. 20 units. Domain Group.
• 1000M. 1000 S. Michigan Ave. 323 units, 74 stories,
1-bedroom to 4-bedroom penthouses. Architect: Helmut Jahn. Jerry Karlik, JK Equities, Time Equities & Oak Capital
• One Bennett Park. 451 E. Grand Ave., 69 units, 70 stories,
2 to 4 bedrooms, 1,737 to 7,500 square feet, $1.9 million to $15 million. The high-rise development also includes 279 rental apartments. Related Midwest & Lendlease.
• Tribune Tower. 435 N. Michigan Ave., 163 units, 1 to 4 bedrooms, $700,000 to $7 million. Also, 125 condos are planned in a future high-rise new-construction tower on the parking lot to the east. Golub & Co. & CIM Group.
Association Evaluation currently is marketing its condominium and HOA data to condo service providers such as attorneys, property management companies, landscapers, and remodeling and repair tradesmen—including roofers, plumbers and contractors.
For more information on the Chicago and Illinois condo and HOA lists—that can be sorted by zip code, city, year of construction, property management company, and number of units in the association call: 844-727-7267 ext. 801, or email: firstname.lastname@example.org. Visit the website: www.hoamailinglist.com.
For more housing news, visit www.dondebat.biz. Don DeBat is co-author of “Escaping Condo Jail,” the ultimate survival guide for condominium living. Visit www.escapingcondojail.com.