Looks like RDM Development is itching to unload its stock of renovated condominiums at 1400 North Lake Shore Drive. The company, in an attempt to sweeten the pot for potential buyers, has frozen property taxes at 2006 assessed values for a full eight years.
Prices points at 1400 North Lake Shore Drive start in the $140s for studios and reach into the mid-$400s for three-bedroom homes, says Karen Goodman Cable, RDM’s vice president of marketing. The tax freeze could result in savings as high as $50,000 over an eight-year period, according to RDM’s promotions.
RDM spent $35 million to renovate to the 81-year-old building at 1400 N Lake Shore Dr in the Gold Coast. Its basement now houses a community room, media lounge and a 2,500-square-foot gym. Residents can take in views of downtown Chicago and Lake Michigan from a multi-tiered landscaped deck atop the 22-story tower. Read more about RDM’s extensive restoration in a New Homes Magazine article from last year.
Approximately 75 percent of the building’s 391 homes have sold, Cable says.