Sky high at 1255 S Michigan Ave

Joe and I got to go up in Sky55 yesterday, a 40-story, 411-unit apartment tower in the South Loop at 1255 S Michigan Ave that was completed in 2006.

According to leasing manager Dawn Walsh, the building is roughly 90 percent leased. For the rest of the month (all six days of it), Sky55 is offering two free months rent assessed on the first and third months of a 14-month lease for select units. None of the units with northern views (the building’s best) qualify for that special, she says.

One of the most interesting facts about Sky55 — one that surely applies to other new downtown apartment high-rises as well — is that a lot of the tower’s tenants are from out of town, many even signing leases site-unseen. Some are in town for work and staying for short periods of time in apartments leased out to their companies. Others are using these rental buildings to test Chicago’s waters to see if they want to eventually buy a home at Central Station or elsewhere in the South Loop, Walsh says.

Could some be patiently waiting for the newer Museum Park towers to finish? Somebody who can afford to pay rents like some of these can likely buy something if they want to.

One-bedroom / one-baths, which range from 656 to 1,114 square feet, are priced from $1,553 to $2,351 per month. One-bedroom / 1.5-baths are at $2,144 to $2,398 per month.

Two-bedroom / two-baths that span from 923 to 1,247 square feet are priced from $1,995 to $2,772 per month. Two-bedroom / 2.5-baths range from $3,306 to $3,416 per month.

Penthouse units, which comprise the building’s top three floors, have sizes ranging from 769 to 1,785 square feet and are priced from $2,165 to $4,614 per month. All penthouse tenants have access to a private lounge and a large top-floor terrace, which you’ll see in the video.

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