Developer pushing Ten East Delaware amenities
Posted 1/8/2008 by Joseph Askins
According to our extensive neighborhood mapping, Ten East Delaware will stand just inside the boundaries of River North. Prime Group CEO Michael Reschke, however, pledges his high-rise’s allegiance to two adjacent neighborhoods.
“It’s not River North,” he insists. “It’s the heart of the Gold Coast. And just a block and a half off of Michigan Avenue, too. You can walk to anywhere you’d want to go from there.”
Ten East Delaware was New Homes Magazine's cover story in August. (Click here to read our interview with architect Lucien Lagrange). At that time, The Prime Group had sold 75 of the building's 121 luxury condominiums; that number has risen to 80 in the past four months.
Most of the people who have purchased condominiums in the 35-story building are from the area and “moving up to a better building,” he says, although about one-third the buyers plan to use their condos as pieds-a-terre. Whether they call Ten East Delaware home all the time or just some of the time, they’ll all have access to amenities that Reschke believes are uncommon at other Gold Coast developments.
A variety of services from the nearby Talbott Hotel, such as 24-hour room service, housekeeping and meals from a new Bice Ristorante, will be available to residents of Ten East Delaware on an a la carte basis. Homeowners can purchase any or all of these services as needed without affecting their condominiums’ monthly assessments, Reschke says.
Reschke allocated 4,200 square feet of Ten East Delaware for the new Bice restaurant. He expects a high-end tenant to move into the building's remaining 2,500 square feet of retail space at the corner of State and Delaware, although no one has signed a lease at this time.
Units range from 845 to 3,095 square feet and include one to three bedrooms, 1.5 to 3.5 baths, 9- to 10-foot ceilings and oversized balconies. Prices run from the $550s to $2.6 million; climate-controlled, indoor parking is available starting at $65,000.
Standard amenities at Ten East Delaware include access to The Ten Club, a rooftop-level clubhouse with a private room for dinner parties, a state-of-the-art fitness center, a rooftop swimming pool and gardens.
The building is scheduled for completion in fall 2009.
Comments
1/8/08
paulj said:
Yes Michael Reschke, it's in the Gold Coast. Uh huh. Spin Spin Spun, boring.
Wow, you can order carry out food from Bice and the Talbott Now that's a novel idea!! Maybe he can work out a deal to have pizzas delivered as well…Way to really bring luxury to River North.
These wind bags never stop.
Pete said:
The pied-a-terre only made sense when prices were rising at double digit rates annually. If you're not buying it for appreciation, what are you buying it for? You could rent a lot of nice hotel rooms just for the assessments, taxes and interest on a place like this.
You know the real estate bubble hasn't even come close to deflating while this insanity is still going on. If you have so much money that you can throw away half a million dollars without much thought, good for you. But I bet that isn't the case for many of these buyers.
Alan said:
Nice base though. No ugly parking podium.
1/9/08
pk said:
Relax paulj and Pete. Maybe with some of the revenue spin offs from developments like these, the CHA will be able to build a unit just for you.