The condos at 1720 S Michigan, a 33-story tower planned in the South Loop, went like hotcakes in 2006, according to housing analyst Appraisal Research Counselors: 400 of 500 units sold last year, making it the top-selling condo development downtown.
Two other downtown condo developments had more than 200 sales last year: The Legacy at Millennium Park, the 70-story condo tower currently under construction at Michigan and Madison, and Aqua, the Jeanne Gang-designed hotel, apartment and condo tower at Lakeshore East that recently secured financing. The secret to the success of these projects (at least in terms of 2006 sales) was getting started early, said Gail Lissner of Appraisal Research Counselors. CMK Development Corporation, the developer of 1720 S Michigan, began a “teaser” marketing campaign in late 2005, giving it a running start, she said.
There were seven downtown condo projects with more than 100 sales in 2006, according to Appraisal Research: One Museum Park West, 1600 Museum Park, Burnham Pointe, Lexington Park, The Emerald, SoNo and X/0.