Quadrangle condos hits 75% sold

Unobstructed lake views and affordable prices have proved a winning combination at the Quadrangle Condominiums, according to sales director Marsha Bynum. The 261-unit highrise is around 75 percent sold, and developer the Habitat Companies is now combining one-bedroom units to create two-bedrooms after selling out all of the original two-bedrooms.
“We only had two tiers of two-bedrooms – we were heavier on one-bedrooms – so I’m not surprised they sold out first,” Bynum said. “We have one unit now reconfigured as a model two-bedroom with den or as a three-bedroom, and there are a couple of other chances for buyers to do this. We haven’t added anything to the price in the reconfiguration.”

The price for a two-bedroom two-bath unit of 1,439 square feet is $165,000, less than the cost of a cramped one-bedroom in many downtown developments. One-bedrooms are priced from $74,000 and convertible studios are $81,000.

What, besides the obvious price advantage, has been drawing buyers to the Quadrangle?

“From our north view apartments you can see straight down the shoreline to Navy Pier, because of the way it meanders,” Bynum said. “We’re fortunate to be at a point farther out in the lake than most of the shoreline, so our north views almost look like east views because you can see so much lake. The prices are amazing for this kind of a view.”

And the views aren’t going anywhere. To the east of the building is South Shore Drive and the lake; to the north is the Jackson Park golf course, park and boat harbor; and to the southeast is the low-rise South Shore Cultural Center.

The stolid block of a building, at 6700 South Shore Drive, was constructed in 1968 and maintained by the Habitat Company as a rental. Quadrangle Conversion, LLC, a Habitat affiliate, is converting it to condominiums.

Individual units and common areas are being rehabbed as part of the conversion. The units will have remodeled kitchens with new appliances, cabinets and counters as well as upgraded bathrooms with new medicine cabinets, lighting and vanities. The condos also will have new paint, carpeting and windows.

Improvements to the common areas include an expanded party room, laundry facilities on the penthouse level, a fitness center, a refurbished lobby and a dry cleaner. The building has door staff and covered parking for $14,500 per spot or uncovered parking for $8,500 a spot.

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