Like the faces on the Crown Fountain at Millennium Park, the facade of downtown Chicago is rapidly changing for the better, and that trend is having a major positive effect on the housing market in several hot city neighborhoods, real estate experts say. Millennium Park, a 24.5-acre public park boasting world-class architecture and landscaping, has put a new face on Michigan Avenue south of the Chicago River.

In 2005, Mayor Richard Daley and his wife are expected to move into their new condominium at the 57-story Heritage at Millennium Park, which towers over the $475 million Millennium Park on the eastern edge of Chicago's Loop. The Daleys are among hundreds of empty-nesters from the city and suburbs smitten by the city's revitalization.

Metropolis
"The Loop and South Loop from Millennium Park to State Street, from the Chicago River to Roosevelt Road-is becoming a magnet for young condo buyers and empty-nesters who want swank downtown residences centrally located near the city's hottest nightlife, entertainment and shopping venues," said veteran developer Keith Giles of Frankel & Giles Real Estate. Giles is co-developer of Metropolis, a historic 167-unit highrise condo development at 8 W. Monroe St. in the heart of Chicago's Loop. About 40 percent sold, base prices on most residences range from the low-$200,000s to about $500,000. Call (312) 949-1500.

Metropolis, on the northwest corner of State and Monroe, is next door to the LaSalle Theater, and a short stroll from Chicago's famed Broadway in Chicago theater district.

Virtually every condominium project near Millennium Park is selling well, including several projects in the Lakeshore East development to the north and developments as far south as Central Station south of Roosevelt Road, according to Appraisal Research Counselors Ltd., a condo appraisal firm.

In addition to the Loop/ Millennium Park area, several hot residential neighborhoods emerged in Chicago during 2004, real estate experts say. Thumbnail sketches of these neighborhoods and strong-selling residential developments follow:

THE SOUTH LOOP
Anchored by an increasing number of new residential developments, the booming South Loop has emerged as a destination neighborhood for new housing, dining and entertainment, real estate experts say.

On virtually every block in the South Loop, new luxury single-family homes, lofts, new-construction condominium high-rises and town houses are sprouting on former industrial sites and vacant lots from Printers' Row on the north to the Prairie Avenue District and the emerging South Pointe District on the south.

"The South Loop is thriving. It has emerged as a real Chicago neighborhood with all the necessary components-homes, retail shops and businesses," said Giles.

One of the hottest enclaves in the South Loop is Central Station, bounded by Roosevelt Road on the north, McCormick Place Complex on the South, Lake Shore Drive on the east and Michigan Avenue on the west.

Much care has been taken to control density, views and open space on the 80 acres of prime lakefront property, according to Central Station Development Corp., a joint venture of Chicago-based Fogelson Properties Inc. and Cleveland-based Forest City Enterprises.

One of the hottest-selling condominium developments in Central Station is Lakeside Tower. a planned 143-unit high-rise condominium at 16th Street and Indiana Avenue. More than 110 sales have been reported since mid-September.

Prices range from $224,900 for a one-bedroom, one-bath unit with 763 square feet to $359,900 for a two-bedroom-plus-den. two-bath layout with 1,176 square feet. For more information on lakeside Tower, call (312) 42--1132 or visit www.lakeside tower.com.

Here is a brief outline of some of the mayor residential developments planned or under way in the South Loop.

Michigan Avenue Tower: This 29-story condominium high-rise is nearing completion at 13th Street and Michigan, just west of Central Station. Developed by the Russland Capital Group. The 229-unit building features spectacular downtown views of Lake Michigan, Grant Park and state-of-the-art amenities.

The high-rise is currently 95 percent sold; only 11 units remain for sale. Prices range from $239,900 to $1.5 million for condominiums with 853 to 3,716 square feet of living area. First occupancies are scheduled for March 2005.

The Michigan Avenue Tower sales center is at 1400 S. Michigan. For information, call (312) 583-0600.

1111 South Wabash: Construction is rapidly approaching completion at 1111 S. Wabash, a $90 million luxury high-rise condominium in the heart of the South Loop. Developed by the Gammonley Group, the 34-story building has choice vistas of Lake Michigan, Grant Park and the skyline.

Sales have risen past 80 percent. With less than 40 units-including a good selection of corner layouts-remaining for sale, buyers still have a wide selection of units from which to choose. Penthouse prices range from $327,800 to $1.539 million. For more information, call (312) 588-1318 or visit www.1111wabash.com.

State Place: This unique mixed-use retail and residential development is nearing completion at 11th and State streets. Composed of a luxury 24-story tower, three midrise buildings and a variety of retail shops. State Place will include 243 residences when completed in early 2005.

The midrise buildings offer terrace residences with two to three bedrooms and 816 to 1,905 square feet of interior living space. Base prices range from S390.800 to $645,800. Tower Residences feature one to three bedrooms and 791 to 1,141 square feet of living space. Base prices range from $285,800 to $520,800. Three penthouses on the 24th floor of the tower are priced from $845,800 to $1.145 million.

To date, 70 percent of the residences are sold, according to Rubloff Residential Properties, the exclusive marketing and sales agent. The sales center and furnished model condominium is located at 1140 S. Wabash. For more information, call (312) 957-1177 or visit www.stateplacechicago.com.

Pointe 1900 on State Phase one of this 131-unit mixed-use residential and retail development is nearing completion on a triangular site bounded by State Street, Archer Avenue and Cullerton Street in the South Loop's expanding South Pointe District.

The 59-unit first phase of the development nearly sold out and the remaining eight residences are available for immediate occupancy, said developer Rick Turner. president of Dynaprop Development Corp. Plans for phase two call for 72 condominiums.

Base prices range from $173,900 to $380,900. Pointe 1900 on State is located at 1910 S. State. A furnished model is on display. For more information, call Jody Williams of Jameson Realty Group at (312) 751-0300 or visit www.pointe1900.com.

THE WEST LOOP
The West Loop neighborhood, the last spoke in the circular redevelopment surrounding Chicago's burgeoning downtown, is completing its renaissance spin.

"By the late 1980s and early 1990s, developers began to discover the West Loop," said Charles Huzenis of Jameson Realty Group. In addition to loft conversion opportunities, there was an abundance of parking lots and vacant in-fill sites that were the perfect places to plant town houses and new-construction condominium buildings, he said.

"Everywhere you look now, there are construction cranes for the residential developments," said Huzenis, noting that the housing boom has sparked a commercial boom that has lured new restaurants and retail businesses to the West Loop.

Here is an outline of some of the West Loop s hot projects

740 Fulton:
The 14-story loftstyle new-construction condominium in the West Loop's Fulton Market District is planned for 132 residences.

Plans offered at 740 Fulton include one to three bedrooms and 715 to 2,242 square feet of living space. Prices range from $244,900 to $839,900, including parking.

The sales center for 740 Fulton is located at the southeast corner of Halsted and Fulton. For more information, call (312) 902-1200 or visit www.thrushhomes.com.

No. Ten Lofts
One of the hottest selling new adaptive-reuse projects in the West Loop is No. Ten Lofts, a 260-unit vintage timber courtyard loft condominium-conversion development at 1040 W. Adams St. co-developed by Centrum Properties and MCZ Development.

The vintage loft building features studio, one-bedroom, onebedroom-plus-den, two-bedroom and two-bedroom-plus-den residences with 640 to 1,840 square feet of living area. Prices range from $202,900 to the mid$500,000s-bracket. Built in 1920, the vintage loft building on Adams between Morgan and Aberdeen streets features three private landscaped courtyards. The sales center for No. Ten Lofts is at 1040 W. Adams. For more information, call (312) 733-9300 or visit www.tenlofts.com.

Van Buren Lofts More than 50 units at this 189-unit, adaptive reuse condominium conversion at 1224 W. Van Buren in the West Loop have been sold since late July. Most of the residences feature 900 to 1,452 square feet of living area and a private balcony or recessed terrace.

Base prices start at $225,900 and go to $386,900. However, most residences are priced less than $300,000, according to co-developer New West Realty, which also is the exclusive marketing agent.

One of the last true concrete pier loft properties in the West Loop, the vintage six-story building served as a paper mill in the 1950s, and most recently was a warehouse for True Value Hardware.

The center is open at 1224 W. Van Buren. For more information, call (312) 738-1200 or visit www.vb1224.coni.

Paramount Lofts
This 207-unit, adaptive-reuse condominium conversion in the West Loop is 75 percent sold. It is located in the former W. A. Wieboldt and Co.'s building -- originally designed by famed architects Graham, Anderson, Probst and White, designers of the Wrigley Building.

Paramount Lofts features 41 different condominium floor plans including one to two bedrooms ranging in price from $189,900 to $353,900 for residences with 546 to 1,328 square feet of living area, according to New West Realty, the co-developer and exclusive marketing agent.

The sales center is located at 130 S. Ashland Ave. For more information, call (312) 829-3344 or visit www.paramountlofts.com.

The of 950 W. Monroe Luxury condominiums with excellent southeast and northeast views of the city's skyline are available at 950 W. Monroe, a 99-unit new-construction midrise in the West Loop.

Construction on the nine-story building is moving rapidly ahead, with 950 W. Monroe scheduled to top out this year. Sales have reached the 70 percent mark.

All residences feature a private balcony or terrace and 1,542 to 572 square feet of living space. Current base prices range from $375,950 to $489,950.

The sales center is located at 1000 W. Monroe, Suite I W. For more information, call (312) 491-0950 or visit www.950westmonroe.com.

CHICAGO SUN-TIMES
CITY LIVING
MONTHLY GUIDE TO URBAN LIFESTYLE

By Onsa Oacbarino

Disclaimer
The articles appearing on this site were not written by New West Realty. New West Realty is not responsible for inaccurate information contained therein, including, but not limited to, square footages and pricing.