In 2005, developer Near North Properties sold the Grand Plaza‘s west tower at 545 N Dearborn St to Jaeger Equities. Two years later, NNP sold the east tower at 540 N State St to US Equities. They’re two different buildings with different addresses and managed by different companies, but residents in both towers share many on-site amenities, including a 50,000 square-foot “Club Floor” featuring an atrium, outdoor pool, indoor resistance pool, running track, cafe, business center, pool table, and putting green.
Fourteen new condos are still for sale at in Grand Plaza’s west tower following a bank-forced sale this summer. Posted below are the specs of those homes alongside the available east tower apartments.
Do these rental prices reflect market rent or effective rent after concessions?
Ann:
This was Erik’s post, so I wasn’t sure myself. I just talked to Grand Plaza, and it’s a bit of both — the low end for each unit type represents the least expensive unit WITH concessions, while the high end for each represents the most expensive unit WITHOUT concessions, if that make sense. We’ll try to stick to one or the other in future comparisons, and will specify in the post which we receive.