Terrapin Properties and Jaeger Equities are converting the 37-story west tower of Grand Plaza, at 545 N. Dearborn St., in River North, to condominiums. NNP Residential & Development and its partners will retain the 481-unit 56-story east tower as a luxury apartment building.
The conversion of the west tower to the Residences at Grand Plaza adds 283 units to the more than 3,000 condo conversion units already announced by developers this year. According to Gail Lissner, of Appraisal Research Counselors, 2005 is shaping up to be the biggest year for condo conversions since 1979.
Grand Plaza, as anyone familiar with River North knows, is called that for a reason. The beige behemoth of an apartment complex takes up the entire city block bounded by State Street, Dearborn Street, Grand Avenue and Ohio Street. The towers are known for their massive scale, and that size allowed the developers to offer amenities that are tough to beat.
“It probably has the best amenities of any building in the area,” said Jake Geleerd, a principal in Terrapin Properties. The long list of perks at Grand Plaza includes a 50,000-square-foot private club on the 9th floor with a fitness center, an outdoor running track, an indoor basketball court, golf putting greens, a swimming pool, a sundeck and a winter garden. The building also has a party room with a catering kitchen, a business center, a media and billiards room, a library with a fireplace, wireless Internet access throughout and an eight-story parking garage. Retail on street level includes a Jewel-Osco grocery store, Bed Bath & Beyond and National City Bank.
Renters in the east tower and owners in the west tower will share amenities. “No one will know the difference between a renter and an owner,” Geleerd said. “Everybody will share them equally.” Repair and maintenance costs on common amenities will be split between the buildings based on the number of people living in each tower.
Because the building was completed in 2002, the developers don’t plan many improvements beyond upgrades to common areas, such as the lobby and the entrance. “I mean, it’s beautiful now,” said Geleerd. “We’re just going to make it that much better.”
The condos will range from studios to three bedrooms, priced from the $250s to $1.2 million. Features include granite islands in the kitchens, in-unit washers and dryers and high-speed Internet access.
At press time, Terrapin Properties, expected to finalize its purchase of the west tower from NNP Residential & Development on July 27th,Geleerd said. The sales center for the Residences at Grand Plaza, www.ResidencesatGrandPlaza.com, was scheduled to open on site at the end of July, and a mass closing was scheduled for October.
And what of the east tower’s long-term prospects?
“We hope that when the day comes, if the east tower is ever sold,” Geleerd said, “that we’ll be in a good place to buy it.”