If there are two Michigan Avenue developments that lend themselves to easy comparison, they are the street’s two most recent conversions: Six North Michigan (above left), located at the intersection of Madison Street and Michigan Avenue (across Michigan from the Cloud Gate and Pritzker Pavilion), and Metropolitan Tower (above right), located just south of the Art Institute, at 310 S Michigan Ave.
Both towers have storied histories. Six North Michigan, designed by Schmidt, Garden & Martin and completed in 1899, started life as the headquarters of Montgomery Ward and was the tallest building in Chicago until the construction of the Wrigley Building. Metropolitan Tower — built in 1924 from a Graham, Anderson, Probst & White design — was the first high-rise in the city with more than 30 floors.
The 21-story Six North Michigan started delivering units last October, and crews are just now completing work on some of its common spaces. Close to 60 percent of its 120 units had sold as of mid-February, according to @properties agent George Schultz.
Metropolitan Properties of Chicago, by comparison, was closing homes at its 31-story tower a couple years ago but still has around 37 sales to make before reaching sellout, Equity Marketing‘s Pat Young said last month.
Neither sales team has all of its available units listed on the MLS, but they have enough on there to get a sense of how their prices stack up.
- Six North Michigan: 900 to 1,253 square-foot one-bedrooms priced from the $320s to the $740s, or $343 to $593 per square foot. Estimated monthly assessments of $271 to $582. (Assessments include heat, air conditioning, water, gas, insurance, door staff, exercise facilities, exterior maintenance, scavenger service and snow removal.)
- Metropolitan Tower: 752 square-foot one-bedrooms priced in the $390s, or $527 per square foot. Estimated monthly assessments of $354. (Assessments include heat, air conditioning, water, insurance, door staff and cable television.)
- Six North Michigan: 1,293 to 3,503 square-foot two-bedrooms priced from the $560s to $1.9 million, or $362 to $568 per square foot. Estimated monthly assessments of $450 to $1,623.
- Metropolitan Tower: 1,202 to 1,401 square-foot two-bedrooms priced from the $530s to the $950s, or $405 to $723 per square foot. Estimated monthly assessments of $382 to $834.
- Six North Michigan: 1,976 to 3,505 square-foot three-bedrooms priced from $1.2 million to $2.1 million, or $614 to $655 per square foot. Estimated monthly assessments of $1,026 to $1,745.
- Metropolitan Tower: 1,585 to 2,315 square-foot three-bedrooms priced from $1 million to $1.8 million, or $661 to $810 per square foot. Estimated monthly assessments of
$890 to $1,046.
I’ll pull out the floor plans of a couple east-facing two-bedrooms for comparison over the weekend.