City's fledgling hotel condo market sees homeruns, strikeoutsÂ

by Kate Hawley

Ken Costanzo had practical reasons for wanting a second home in Chicago, but one sentimental thought stood out. A little more than 24 years ago, he proposed to his wife while riding down Michigan Avenue in a horse-drawn carriage – on their second date. Costanzo, who now lives in Greenville, South Carolina, recently bought a hotel condominium at The Elysian, under construction at 11 E. Walton, mere blocks from that fateful spot. (more…)

Some developers check out of fledgling market as home buyers flock to others

by Alison Soltau

Buyers scouting downtown Chicago for in-town residences during the last couple of years couldn't escape the growing number of builders hawking hotel condo projects. But by late 2006, several of those developers had reservations about the market and decided to check out.

The reasons why they headed for the door vary, but observers say a rebound in conventional hotel business and doubts about the depth of this niche market in Chicago were factors. (more…)

High-rise builders offer hot designs, "wow" finishes in fiercely competitive market

When interior designer Hollis Savin went looking for a new high-rise condo downtown, the empty nester promised herself that she wouldn't settle for anything short of spectacular.

Her future home would be steps from Mag Mile shops, so she could dive in and out of Nordstrom easily on cold days. Her condo would be cleverly designed to maximize the available light and space. And above all, her new home would be full of luxurious touches, from the ground-floor lobby to the designer soaking tub.

"I don't go to the Double Door, I go to the Peninsula," Savin says. "You want the luxuries of life when you get to the empty-nester stage because you're tired. I need the 24-hour doorman and a health club in the building." (more…)

Buyers have high hopes, little experience with new housing hybrid

Businessman Steve Snyder bought two hotel condos at the Solis Chicago Condominiums downtown because the concept, a relatively new one for Chicago, made perfect sense to him personally and professionally. (more…)

Developer launches tony new hotel brand with Elysian hotel and condos

Take one look at drawings for The Elysian Hotel and Private Residences, a 60-story ultra-luxury hotel and condominium development breaking ground this summer, and it's easy to guess who the architect is. Take a look at the address, 11 E. Walton St., in the heart of the Gold Coast, and you can be almost certain.

Parisian-born architect Lucien Lagrange, the vision behind some of Chicago's toniest towers, has blended Chicago and French architectural traditions in his signature style to design The Elysian. (more…)