In a changing market, even the best-laid plans need a little tweaking. High-rise development is a particularly fickle property type; developers are tasked with peering several years into the future and trying to anticipate buyers’ appetite for new deliveries.
This is the case with The Huron Club, 8 E. Huron St., which at 28 stories represents one of a very few high-rises breaking ground in 2008.
The project is the result of extensive market research coupled with the developer’s own notions of home development, says Tricia Fox, the project’s marketing agent with Keller Williams Gold Coast Realtors.
“Originally, this bulding was designed to be 77 small units,” she explains.
But developer Paul Stanley sought something different: a small, boutique tower amid the hustle and bustle of State Street and Michigan Avenue. Consequently, the floor plan was changed to allow for 47 larger units starting at 1,800 square feet. The site is currently occupied by a pair of brownstones, both owned by Stanley, which will be removed to make way for the tower; the developer also intends to reside in the new building.
Fox says the project aims to create a much more intimate community for luxury buyers in River North. The price points – $1 million to $5 million per unit in mid-December – reflect this emerging type of customer.
“We find that at this particular price range, things are moving pretty fast,” she says.
Amenities include a fireplace in the lobby, rooftop Zen garden, private health club, elevated dog run and three green roof elements. According to marketing material, street-level retail along State Street is proposed as well.
During the sales kickoff in November, the brokerage team took 19 pre-reservations in a single week – a strong start for River North’s new kid on the block. Groundbreaking is planned once sales reach the 60-percent mark; Fox expects this by spring 2008.
“We have a great location and an unusual product, I think, so we’re going to do real well.”