Buy from Jameson, rent through Koenig: Terrazio triggers déjà vu in the South Loop

Terrazio, 1935 S Wabash Ave, South Loop, Chicago

So Sedgwick Properties builds some condos in the South Loop, taps Jameson to sell the homes, and eventually, after activity slows to a crawl, Koenig & Strey steps in to market several homes concurrently as rental units.

Sound familiar? It might, if you kept up with Sedgwick’s Marquee high-rise over the past year or two. Here’s the thing, though — that sentence seems to describe what’s happened at Sedgwick’s other South Loop project, Terrazio, at 1935 S Wabash Ave, over the past month.

Koenig & Strey has listed two one-bedroom condos at Terrazio for $1,550 and $1,575 a month, 11 two-bedrooms from $1,950 to $2,200, and two three-bedrooms for $2,800 and $2,850. All of the units are located on Terrazio’s fourth through sixth floors, all appear to come with garage parking, and all are described as having stone counters, Frigidaire stainless steel appliances, and hardwood floors throughout.

Meanwhile, Jameson is still marketing seven homes for sale in the mid-rise, at prices from $192,900 for a one-bedroom / one-bath to $409,900 for a three-bedroom / two-bath. The listings boast $30,000 of upgrades, which might include features and finishes like 4-inch wood plank floors, 42-inch cabinets with molding, stainless steel appliances, and spa baths with European-height vanities and mosaic accents. Monthly assessments range from $153 to $340.

Between Redfin’s sales data and the Tribune’s Cook County records database, I can count about 10 sales in the 180-unit building, all dating between mid-April and early August, at prices from the $190s to $310s.

Amenities outlined in Terrazio’s old marketing packets included a “Solavista” courtyard with park benches and a dog run; an “Aria” rooftop lounge with tranquility pool, outdoor kitchen, lounge chairs, and garden trellis; a fitness center; and an owners club with business center, wireless Internet, and wet bar.

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