Sales update: Park Monroe 80 percent sold
Posted 7/17/2008 by Mark Boyer
The Park Monroe, the peculiar office building conversion at 55 E Monroe St that has evoked some strong emotions from "flabbergasted" Yo commenters, is down to its last four one-bedroom condos, although two-bedrooms are still in abundance. Sales agent Audra Hall says that 38 of the 156 condos in the development are still available, which means that the building is slightly less than 80 percent sold.
All of those one-bedrooms are located on the west side of the building, in the "Citylights Collection," while the two-bedrooms are all located on the building's east side. Prices for the one-bedrooms run from the $450s to $490s for 950 to 1,100 square feet of living space. The two-bedrooms start in the $850s for a 1,450 square-foot condo, ranging up to $1.7 million for a 2,500 square-foot unit.
The option to combine units is gaining popularity, Hall says. Two combos have already been sold and another is currently in the works. However, she warns that there are only a limited number of adjacent units remaining with which it would be possible to combine. Time is also limited, because structural alterations to the building will finish in the fall.
Hall says that a two-bedroom model unit will be opening on the 42nd floor around Labor Day. Deliveries at The Park Monroe are expected to begin in November, proceeding with one floor per month through the spring. Hall expects construction to be completed by May 2009.
Comments
7/17/08
Mike said:
I worked in this building for several years on the 26th floor, just above the top of the old People's Gas building. I have to say that the views to east are exceptional. The views to the west are underwhelming.
7/19/08
Mike said:
I currently work in the building, not too far below the start of the condo conversion. The views of the lake are exceptional, as are the views to the south. The view to the north was great, but the fast growing Legacy at Millennium Park will diminish the northern view somewhat.
The views are the best thing about this building, perhaps because they do not include this building. Out of curiosity, I toured the model units one day after work. The large corner model was impressive, but the layouts of the one bedroom units leave much to be desired. The model felt like a shoebox, and much space was wasted by an inset balcony that will go unused most of the year. This intrusion is not a big deal in the larger units, but every inch is valuable in the smaller one bedroom units.
I'm reserving judgment on how the final product will look, but I'm afraid the creation of larger windows and balconies on the upper half of the building will create a schizophrenic presence on the skyline. It may end up doing what I once thought was impossible: make this building even uglier than it already was. That said, I'm holding out hope that the exterior alterations will turn out nice.
I am a bit surprised by the high sales numbers. The views are great and the location is good, but I'm still surprised that the views and location were able to overcome the other shortcomings of this development. Maybe I shouldn't be so surprised.
Has there been any word on whether phase 2 of the conversion is still going ahead as planned?