Housing Watch
During 1979, the height of condomania in the Windy City, nearly 4,800 rental apartments were converted to condominiums in downtown Chicago. That was double the number of conversions recorded in any year before or since – until now. (more…)

Highrise condo conversion boom is biggest since '79

Rob and Linda Williams spent a year and a half scouring Chicago for the perfect condominium, but when in late 2003 the suburban empty nesters still hadn't settled on a unit, they decided to rent at 400 N. LaSalle, a brand new highrise. Eighteen months later they were nudged into homeownership when the building's new landlord, DK/Equity, informed tenants that it was converting the 45-story tower to condos. (more…)

Rezmar Development Group will open residential sales at the Riverside District, a 62-acre mixed-use community planned for the South Loop, during the first quarter of 2006, according to Alexandra Korompilas, director of sales and marketing for the company. (more…)

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. (more…)

The environs of Millennium Park can count another adaptive reuse project among their budding ranks of residential buildings. At press time, developer Winthrop Properties planned to open sales in August for condos at the Boulevard, the conversion of the historic Monroe Building, 104 S. Michigan Ave.

Architects Holabird & Roche designed the 1912 structure with a terra cotta skin and gothic flourishes that make it a standout among its historic neighbors in Michigan Avenue's renowned curtain wall. The 16-story tower's gabled roof – a contrast with its flat neighbors – is its trademark feature, though for condo buyers, the park and lake views may be more important. (more…)

The Falor Companies plans to begin selling hotel condos in August at what is now Hotel 71, a boutique riverfront hotel at 71 E. Wacker Drive, on the edge of the Loop and the Magnificent Mile. The project will be Falor's third hotel condo development in Chicago, where the new form of hybrid housing has quickly become popular.

Sales at Falor's two other hotel condo projects, the Aldens and Hotel Blake, both in the South Loop, are on hold during construction, according to Falor Companies CEO Robert Falor. (more…)

Bucktown, which went from an artsy, edgy enclave with Polish roots to an expensive neighborhood of popular boutiques and bars during the '90s, has little room for new construction. That should spur sales at Victoria Place, a new development of 15 condos at 1815 N. Milwaukee, priced from the $390s to the $410s. (more…)

The Enterprise Companies has sold about 35 percent of the 100 condos at its planned River Village Pointe development, the latest in a long series of new projects by Enterprise in the area. This newest mid-rise will be built on the current site of the River Village sales center, at 840 N. Kingsbury, and bring the number of new homes constructed by Enterprise in and around Kingsbury Park to about 1,500. (more…)

During the '80s and much of the '90s, the South Loop was known as the downtown community where buyers could find affordable new homes close to the Loop. But as amenities and popularity expanded in the neighborhood, the vision of an affordable option close to the city center faded. Until now. (more…)

It wasn't long ago that real estate agents and developers were insisting that modern design would not sell when it came to Chicago real estate. Today, cutting-edge design has built a strong and growing track record in Chicago, and new projects like 550 St. Clair are touting their contemporary aesthetic as an asset that sets them apart in a crowded market. (more…)