Design and value have been the watchwords of CMK Development ever since Colin Kihnke formed the company in 1995. While CMK fast became known for pushing the envelope of contemporary design, the company’s sensitivity to price point and value has been equally responsible for the success of its many projects. 1720 South Michigan, a contemporary tower of glass and concrete at 1720 S Michigan Ave in the South Loop, is a prime example.

“When you look at the design of this building, you think you would be paying a premium,” says Kihnke, whose passion for architecture is evident in all of his developments. “In fact, it has the best price points in town. Now, stick it in the South Loop, the hottest market around, and you have an absolutely unbeatable combination.”

The design of the building by the prominent architectural firm Brininstool & Lynch has features that synthesize form and function in ways that seem to enhance both.

“Michigan Avenue is an important street, perhaps the most important in the city,” says architect David Brininstool. “That demanded that we design a building that maintained the street façade and the context of the neighborhood.”

The result is a striking three-part structure that begins with a seven-story, all-glass base, delineated by a fin that rises from the south corner and crosses over the seventh floor.

“That fin gives the base sensibility,” says Brininstool, adding that the shape is in keeping with many of the surrounding buildings in the neighborhood.

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The real-estate downturn of the past year has affected every type of new-construction project and gut rehab within Chicago’s city limits, and the high-rise market is no exception.

Most of the residential high-rise projects New Homes listed in its March 2008 high-rise feature are still moving forward, but in almost every case, sales at those developments appear to have slowed to the point that buyers may not see many developers begin construction by the end of the year.

We’ve added just two new towers to our “horizon guide” in the past five months: the much-publicized Chicago Spire, which will be the nation’s largest building when complete, and 3033 North Sheridan, a rehabbed apartment tower in Lakeview East.

The Spire, of course, has garnered plenty of press for its size (almost 1,200 condos spread out over 150 stories) and for Santiago Calatrava's distinctive "unicorn horn" architectural design. Shelbourne Development kept a tight lid on sales information during its worldwide sales tour this spring, but the company in June reported that it had sold 352 of the Spire's units.

The Spire's homes range from small studios to four-bedroom homes. Price points stretch from the $750s to a rumored $40 million.

At the other end of the spectrum is Kroupa Development's 3033 North Sheridan, which offers as-is homes with views of Lincoln Park and Lake Michigan for as low as the $140s.

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Once in a while, everything goes your way.

That was the feeling at New West Realty when the company purchased the land at 1555 S Wabash Ave. in the South Loop, the site of its newest development, a 14-story, 176-unit condominium tower with 5,000 square feet of ground-floor retail space.

“Acquiring this site was perfect timing for us,” says Terrie Whittaker, president of sales and marketing for New West. “We were just finishing up a very successful project close by, and we had a solid handle on the neighborhood.”

Although New West is “hands-on” when it comes to design, its collaborative efforts with architect Jonathan Splitt proceeded without a hitch.

“New West is a great client,” remarks Splitt. “The folks there outlined their goals and thoughts about the design, but they were very accepting of my suggestions.”

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The stretch of LaSalle Street from Lincoln Park to the heart of the Loop ranks just behind Lake Shore Drive and Michigan Avenue as one of the city’s classic drives.

Marking the midpoint of this historic route, at 150 W Superior St, on the northwest corner of LaSalle and Superior in chic River North, sits KLB Construction and Affinity Development’s new gem of a building. Though not a towering skyscraper, The Superior at LaSalle - a 15-story, 54-unit boutique condominium building - rises above the rest in its originality of design and quality of craftsmanship.

Founded 32 years ago by Kevin Loughlin, KBL specializes in new and renovated residential and commercial properties. Six years ago, Loughlin’s son Jamie established Affinity Development, a high-end luxury development firm that plans and develops premium residential and commercial properties. In collaboration with Hartshorne Plunkard Architecture, they created an upper-echelon niche with The Superior at LaSalle, attracting a broad spectrum of buyers in the process.

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By Dana Dubriwny

With lender requirements becoming more stringent and financing becoming more difficult to secure, homebuyers are taking the long view on luxury high-rise construction. They’re searching for established builders with solid reputations that can weather seesawing market conditions, says Michael Kelly, sales director for Related Midwest.

Related Midwest, known for Park Tower, 840 N Lake Shore Drive and 340 on the Park, is currently building the Peshtigo, a 57-story high-rise at 515 N Peshtigo Ct in Streeterville.

Today’s market may seem formidable, but Related Midwest is a veteran developer with a volume of experience in luxury construction. The Peshtigo is in a three-year building cycle, says Kelly. Groundbreaking is expected in late summer or early fall, with occupancy several years away.

“It’s important [that] buyers know we’ve done these buildings before,” Kelly says. “We feel our reputation and expertise in producing architecturally significant buildings is important in today’s marketplace.”

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By Dana Dubriwny

The Chicago Loop is home to many of the city’s business icons, including the Chicago Board of Trade and the Sears Tower. What’s missing, however, is new residential development for today’s would-be Loop residents.

That’s about to change; CMK Companies is developing a 46-story glass-and-steel tower at 235 W Van Buren St. It’s a way for Loop workers to reduce their morning commute from miles to minutes.

"This is one of those locations that attracts people who work a couple blocks away in the Loop,” says Scott Hoskins, president and managing broker of CMK Companies. “We’re seeing a lot of people who live in the suburbs and want a second home, whether it’s for the seasoned professional who works in the Loop and wants to crash here a few times a week, or a couple who wants to stay here over the weekend.”

235 Van Buren, at the corner of Van Buren and Wells, is a 714-unit high-rise with an enviable address. The tower’s location is as close to the Loop as downtown buyers can hope to get. Nearly 400 units have been sold since construction began in November.

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By Dana Dubriwny

Driving south along Lake Shore Drive, commuters travel through a landscape of varying architectural quality.

Execs at Kargil Development LLC determined to improve that landscape with X/O Condominiums at 1700 S Prairie Ave. The $300 million project will comprise 271 condominiums in the north tower, 215 units in the south tower, and a row of 10 townhomes fronting the development. In February, 40 percent of the condos had been pre-sold, and buyers can expect occupancy in 2010.

“We saw the market was changing; the go-go days were coming to an end, and we wanted to differentiate ourselves, so we started with the architecture of it,” says Brian Giles, vice president of Kargil Development. “The South Loop has become the busiest and biggest market in the city. To sell these units, we needed something different, so we gave Lucien the ability to do his best work.”

Lucien Lagrange, known for his designs of the Pinnacle, Elysian Hotel and Residences, and Ritz-Carlton Residences, sketched up two contemporary glass high-rises. According to Lagrange, his vision for shaping X/O was to create an attraction and tension between the 46-story north tower and 34-story south tower, which was executed with floor plates incrementally increasing and decreasing in size.

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If there’s one thing prospective buyers appreciate, it’s the chance to walk around a finished home. Model units are an essential tool for buyers, and most developments are lucky to have two or three furnished units to show buyers.

CMK Companies’ 1720 S. Michigan, a 33-story high-rise in the South Loop, took this trend a step further, adding 15 fully furnished residences to help buyers visualize their new homes.
“They’re finished units that we opted to furnish,” explains Scott Hoskins, president and managing broker with CMK Realty Corp. “We wanted to represent the different unit types that we have in the building.”

This gives the high-rise an entirely new appeal to prospective buyers, he says.

“When buyers can come in and actually see the furniture and see how things are placed, it makes a huge difference.”

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We asked one prominent South Loop developer how sales have been at his latest project, and he told us, “Great, until about six months ago, when they haven’t been.” The real estate market was showing signs of slowing even before the sub-prime mortgage meltdown, which has hit residential sales hard.

You’d never know that, however, from taking a ride through the South Loop, which remains a sea of construction sites. In mid-October, New Homes counted around 40 significant residential developments, totaling more than 2,300 units, underway in the South Loop. Many of those homes have sold, and the developments range from buildings that have not yet broken ground to properties that are complete and offer nearly immediate occupancy. (more…)

The Sears Tower, which for more than three decades was the tallest building in the world, stands 1,450 feet and, depending on how you count them, 108 stories tall. These are good facts to have tucked away as you try to appreciate the enormity of Shelbourne Development Ltd.’s proposed Chicago Spire. At 2,000 feet and 150 stories, the Santiago Calatrava-designed Spire would be 38 percent taller than the tower that for years was the undisputed giant of the world.

Take the Sears Tower and stack another 40-story high-rise on top of it, and you’re still not quite to the top of the twisting, corkscrew-like Spire, planned for 420 E. North Water St., in Streeterville.

Trump International Hotel & Tower will be just 88 feet shorter than The Sears Tower when it tops out at 92 floors, and across the Chicago River from Trump, Waterview Tower’s 90 stories put it just a few hundred feet under The Donald’s Chicago high-rise.

Building tall is in vogue for Chicago’s residential developers like never before. (more…)