No Chicago developer has converted more condominiums than American Invsco, and currently, no builder is selling more homes in hot River North.
Nicholas Gouletas, Chairman and CEO of American Invsco, recently announced the conversion of Plaza 440, a 50-story residential tower at 440 N. Wabash. The 457-unit development is the third Invsco property underway in River North. Along with fellow high-profile River North projects Millennium Centre and the Sterling, Plaza 440 Private Residences will bring the total number of Invsco-converted units to more than 40,000 in 40 cities in less than 40 years.
Why is the company currently selling three projects totaling nearly 1,200 homes in the same compact neighborhood that 10 years ago was renowned for art galleries and restaurants but had a limited residential component?
According to Gouletas, Plaza 440 is following on the heels of numerous residential developments that capitalized on River North locations close to the river, the lake and the Magnificent Mile, with breathtaking city views.
“Plaza 440 is a beautiful building with many fine features,” says Gouletas. “It is close to everything and it offers wonderful city, river and lake views.”
Plaza 440 is located two blocks from Michigan Avenue and across the street from the Shops at North Bridge, walking distance from the top conveniences of downtown living, with easy access to the major expressways and Lake Shore Drive. Add to this the proximity to River North’s art galleries, restaurants and nightlife – not to mention Loop offices, just across the river – and it’s no surprise River North has become one of the city’s most popular residential neighborhoods.
The lower five levels of the building, www.Plaza440Condos.com, include a ground-floor lobby with 24-hour door staff; retail facilities including a White Hen Pantry, dry cleaner-valet and nail salon; and an indoor heated parking garage. The lower floors also house an impressive array of building amenities, one of the benefits of a large complex where the cost of such perks can be shared among many homeowners. Residents will have access to an indoor swimming pool and Jacuzzi spa with an adjacent sundeck, a state-of-the-art fitness center, a business center, a billiards room and a theater-style media room. Maid service is available, and residents are able to order room service from the neighboring Marriott Suites.
The unit mix at Plaza 440 ranges from in-towns and convertibles to condos with one to three bedrooms. Common unit features include fully appointed kitchens, generous walk-in closets, individual heating and cooling controls, in-unit washers and dryers and floor-to-ceiling windows with spectacular views of the river, the lake and the city.
“We plan to sell the building out quickly, and we are confident we can do that,” says Sharon Rizzo, sales manager for the property. “The resident response has been excellent so far, and we are already marketing the units to non-residents. We have tentatively set Nov. 30 as the earliest date for a mass closing, with Feb. 28 of next year as our outside date.”
Residents may purchase their units “as is” or they can choose from several upgrade packages. If they take the upgrade option and the renovation requires them to vacate the unit, Rizzo says that “we will pack their belongings, store them, and move them back in at our expense.”
Prices for the in-town units, which are 516 square feet, start at $185,100. The convertibles range from 582 to 683 square feet and begin at $215,400. One-bedroom residences, which are 807 to 849 square feet, range from $274,800 to the upper $300s, and two-bedrooms of 1,098 to 1,324 square feet are priced from $327,400 to the low $500s. Garage spaces range from $38,000 to $45,000, with tandem spaces available at slightly higher prices.
Plaza 440 offers four upgrade packages, and Rizzo estimates that renovation work on individual units will take three to four weeks after purchase, depending on demand.
“Package A,” the minimal upgrade, includes painting, new carpeting, kitchen flooring, new baseboard, cabinet fronts, lighting and a granite pass-through. “It is designed to give the unit a nice finished look,” Rizzo explains. Package B includes the same items as Package A and adds new appliances and granite countertops. Package C incorporates A and B with new hardwood floors in the living areas and stainless steel appliances.
“And then we have our wow package,” says Rizzo. “This includes everything in the other upgrade packages plus a custom build-out.”
As is true of many Invsco conversions, the large size of the property, the vast array of building amenities and the convenient location give residents a sense of community and self-sufficiency, creating a strong demand for units not purchased by the present residents.
Five model units are open for viewing on-site at Plaza 440, 440 N. Wabash.