ChicagoDowntown / Loop

A look at Olympia Centre, 20 years on

by Joe Zekas on 6/22/12

In 1992 we published Co-ops and Condos, a desk reference for real estate agents with summary data, descriptions and photos for every 12-unit or larger building in Chicago’s north lakefront neighborhoods. We also included resale price ranges during the preceding 12 months.

The 63-story, 292-unit Olympia Centre, 161 E Chicago Ave, was built in 1984 and included 33 studios, 99 1-bedrooms, 132 2-bedrooms and 61 3-bedroom and larger units. After unit combinations, the building now has 250 units. The Skidmore Owings Merrill-designed multi-use building also included offices and retail space, most notably Neiman Marcus. At a height of 725 feet, it may be the tallest mid-block building in Chicago.

The 1991 resales included no studios, 1-bedrooms selling from $200K to $400K, 2-bedrooms from $370K to $695K, and 3-bedroom and larger units from $642,500 to $1.5M.

There are currently nine units listed for sale in the building. Studio units are listed at $275K and $295K. Five 2-bedrooms are listed from $625K to $1.075M, and two 3-bedrooms at $1.299M and $1.725M.

The 875(+/-) square foot 1-bedrooms have sold recently between $305K and $345K, while 1,450 square foot 1-bedrooms have fetched $510K to $550K.

Association fees average $379 a month on the studios currently listed for sale – a modest 1.39% compound annual increase over the average of $287 in 1992.

The building has a full range of amenities, including an indoor pool and fitness rooms.

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