American Invsco’s Ontario Place sees quick sales in River North
The lightning pace of sales at Ontario Place, the new River North conversion by developer American Invsco, certainly has something to do with the hot market for new homes in downtown Chicago. But, as project manager Ted Sveda points out, a builder doesn’t sell hundreds of units in less than two months simply because of a brisk market. In fact, Sveda says, this building in this location would be a winner no matter what.
“If the Chicago real estate market were to fall out of bed tomorrow, Ontario Place wouldn’t feel a thing,” Sveda says. “The character and quality of the building and the location are virtually unmatchable.”
The marketplace seems to echo Sveda’s confidence. He and his sales staff already have sold more than 300 of the development’s 467 residences since opening in March, with a mass closing scheduled for late summer 2005.
What’s the draw?
To quote a real estate cliché, location, location and location probably top the list. Located on the block bounded by Erie, Ontario, State and Wabash, Ontario Place is steps from Mag Mile shopping and sits in the heart of River North’s dining, entertainment and art galleries.
As a rental building constructed 15 years ago, the highrise has attracted tenants who like living a short walk from Michigan Avenue, a block from Whole Foods, a block from the nearest Starbucks – and just slightly more than a block from the next nearest Starbucks. Yep, it’s that kind of neighborhood. River North is famous for its restaurants, which are too numerous to list here, but some of the closest include the Chicago Chop House, P.F. Chang’s, Frontera Grill, Spago and Smith & Wollensky.
And overlooking it all is the 51-story glass and steel Ontario Place, which was designed, according to Sveda, to maximize views and comfort – both indoors and out.
“There are a number of outstanding features in the residences,” says Sveda. “They all have a flow to them, with floor-to-ceiling windows and spacious baths. And the large balcony is almost like another room.”
Residents enter the building at 10 E. Ontario through an elegant two-story lobby with its own off-street drive and a wide sheltering alcove outside the grand entrance. Inside, the open space is decorated in brass and marble with a chandelier and five residential elevators. Floors one through seven contain retail and commercial space, accessible from 1 E. Erie, as well as a 500-spot parking garage.
The condominiums are housed on floors eight through 51, with the larger units on the upper 11 floors. The unit mix includes 186 convertibles and 186 standard one-bedrooms, 44 deluxe one-bedrooms, 44 two-bedroom two-bath units, and a small number of three-bedroom three-bath units. The spaces range from 755 square feet for a convertible to three-bedrooms of 2,300 square feet.
Unit features include carpeting throughout, ceramic tiled baths and kitchens with European cabinetry. The balconies, as Sveda emphasizes, measure 150 square feet. Unlike many downtown highrises, where the balconies are treated as addenda, at Ontario Place they are a focal point, large enough to make the most of Chicago summers and the building’s stunning skyline views.
A majority of the units have been refurbished within the past three years, and their buyers have a choice of specified discounts or upgrade packages. Buyers of units that have not been refurbished have the same choices plus some additional upgrades.
The scale of Ontario Place means a higher level of amenities because their costs are being shared by more users. The building has 24-hour door staff; a White Hen and a Chili’s; laundry and dry cleaning facilities; bicycle storage; a business center; a health club with saunas, Jacuzzis and state-of-the-art exercise equipment; and an outdoor pool and sundeck.
Prices for the condos (before discounts and upgrades) start at $250,000 for convertibles, $330,000 for standard one-bedrooms, $410,000 for deluxe one-bedrooms and $550,000 for two-bedrooms. Storage cages are available for purchase, and deeded parking spaces start at $41,000.
Units will be delivered to buyers as current leases expire, with some time allowance added on for upgrades and build outs. For those buyers who are purchasing for investment or as a second home, Invsco offers a two-year management agreement at no extra cost.
“The big balconies, the four-way views, the spaciousness of the units, the immaculate condition of the building, and the slam dunk location make Ontario Place easy to sell,” says Sveda.
The Ontario Place sales center, www.OntarioPlaceCondos.com, is located in the building, at 10 E. Ontario.