Jameson Realty Group has sold nine of the 39 full-floor units at 50 E. Chestnut, a boutique building where prices start at more than $2.2 million.
Empty nesters trading in large single-family homes are not surprisingly the top buyers at the development, which offers highrise views and amenities but with more space and privacy than most condos.
“We’ve seen quite a few empty-nesters in their 50s who have raised their families on the North Shore or in the western suburbs, and are ready to move into a luxury maintenance-free home with upscale amenities and a great address,” said Jody C. Williams, vice president of marketing for Jameson Realty Group, the exclusive sales and marketing agent for the project. “Fifty East Chestnut allows them to still own a spacious residence with plenty of outdoor space in one of Chicago’s most exclusive neighborhoods. It’s like having a single-family home in the sky.”
The nine units that have sold so far have been priced from $2,276,750 to $2,930,750.
“If plans go as expected, construction will begin this fall with first deliveries anticipated about 16 months after breaking ground,” said Steve Mandell, partner and director of acquisitions for Jameson Development, LLC, the developers.
Empty nesters, however, aren’t the only ones interested in the ultra-luxury highrise. Younger couples and families also have been drawn to these spaces, Williams said.
“More and more, we’re seeing couples opt to raise their children in the city,” Williams said. “Years ago, you headed to the suburbs to start a family. But today’s parents want their children to experience all of the culture and recreational benefits of living in a big city like Chicago.”
The tony building, planned for construction a block west of Michigan Avenue’s “Magnificent Mile,” features only one residence per floor, with 3,550 to 3,905 square feet of living space.
The homes will feature ceiling heights of 9.5 feet, two private outdoor terraces, a large laundry area, a library, a family / media room, a living room, a dining room and a kitchen – all with floor-to-ceiling windows that allow buyers to take in 270-degree views. Finishes are all high-end – marble and granite in kitchens, hardwood flooring, top-notch woodwork, cabinetry and appliances
Building amenities will include a private elevator entry for each residence, a fitness center, a dog walk and a garden terrace.
A sales center for 50 E. Chestnut, www.50eastchestnut.com, is open on site.