After looking around Central Station and the South Loop on Tuesday, I decided to swing down to Bronzeville and have a look at the Opera Lofts, at 2545 S Dearborn St in what’s being referred to as the “26th Street Loft District” in press materials we’ve received.
The most recent press release we’ve gotten for the Opera Lofts quotes Kathleen Ryan of Opera Realty saying that about one-third of the 93 lofts in the development have been sold, and that buyers are currently living in the building.
One-bedroom lofts (with either a den or a lofted area) have between 1,050 and 1,403 square feet of living space and are priced from the $240s to the $330s. Two-bedroom / two-baths (with den or lofted space) that have between 1,080 to 1,842 square feet of living space are priced from the $280s to the $530s. Three-bedroom / two-baths with 1,270 to 1,965 square feet are priced from the $320s to the $490s, and there are also three available three-bedroom / 2.5-bath penthouses that range in size from 2,207 to 2,912 square feet and are priced from the $720s to the $890s.
Below are a couple more photos I took at Opera Lofts, and two photos of model unit 502, which I visited and reviewed back in June.
– Rate and review Opera Lofts at NewHomeNotebook.com.
An awesome development, and fine job and some great units. But, IMO, you can’t charge central loop and south loop prices for an area in need of pioneers. You have to charge provide and pioneer incentive, especially on the south side of I-55.
The sales have reflected this, even when the market was better.
I’m beginning to worry about you, Jeff. You’re sounding far too balanced, rational and reasonable lately. Are you OK?
All the Chicago bread election talk is making me woozy.
What can you say, some developers have a vision, yet put out a mediocre product to get by. From touring these units, this guy has put a lot of thought, with some decent upgrades and floor plans. I can’t put my finger on it; other than price, and location, it may take some niche hip restauraunt to make this seem to be progressing.
The South Loop Hotel may be a start, but it will take a little more; Maybe the Olympics are the ticket.
Mr. Zekas, took another drive/walk in and around the property this weekend. As I have repeated, I think he did a fine job on the surface.
I was just trying to see what was missing….
I think in his business model (other developers get lucky having someone else build commerical space next to them) the developer should have went “Jerry Kleiner” on the area around the development (speaking to the practice where Kleiner’s restauraunts are ganged up together on a corner or area)
He could still incorporate a retail/cafe space on the south end of his own Opera building on 26th, and perhaps on either corners of his street. The current frontage building space does not create and inviting picture. For what he is going to have to carry in costs, he might have paid himself back and then some with faster sales, and desirable commerical space by creating an integrated anchor in an isolated spot.
I think it may be in the best interest of Opera Lofts and South Loop Hotel to further team up to facilitate a couple of small restauraunt / cafe spaces that serve both well in the long run. This was the under-rated catalyst for some of the developers further north, despite their own problem developments.
Oh, and lower the costs to 10-20% less than anything North of I-55. This is reality.