Sales are underway at what promises to be one of the city’s toniest new buildings. Jameson Development, LLC has started pre-construction sales at 50 E. Chestnut, a 39-story boutique tower with just 34 units – one per floor.
“Luxury, privacy and exclusivity are incorporated into the planning and design of 50 East Chestnut,” said Steve Mandell, partner and director of acquisitions for Jameson Development, LLC, the developer.
The tower, at Rush and Chestnut, will have the best of everything, according to Charles Huzenis, a principal in Jameson.
“There will be a workout facility at the top with dramatic views, concierge services, a 24-hour doorman,” Huzenis said. “The finishes are the best – hardwood floors, crown moldings, Subzero appliances, Bosch dishwashers…”
The prices, which range from $2.2 million to $2.9 million for condos with 3,550 to 3,905 square feet, are for finished space, bucking the trend at some high-end buildings where premium condos have been offered as “raw” space for buyers to finish.
The residential floors will sit above a 51-spot parking garage, allowing for 34 full-floor condos, a number that makes Huzenis confident the project will be a success.
“We think there’s one buyer for each of them; there’s some depth at this price for the right product,” Huzenis said. “There aren’t 300 of these, so buyers won’t face a lot of competition at resale. What we’ve seen happen at other high-end buildings is so many people are buying units on (speculation) then having to rent them, so 40 percent of the building is tenants. This is very much a live-in building, and it was based on the perfect location. It’s the type of product many people who live in other buildings around there would like to have, but they have to spend years trying to buy out their neighbors to create this sort of space.”
The building was designed by Solomon Cordwell Buenz in a style that Huzenis says is “not contemporary and not classical, kind of a new breed.” Material Possessions and Café Luciano, which currently are on the site, will move during construction and then become commercial tenants in the new building’s Rush Street side.
Construction is scheduled to begin this summer with first deliveries about 16 months after breaking ground.