…Private Residence Club?
That’s what James Place, a proposed River North condo development at 100 W Huron St that was scrapped by Affinity Development in the winter of 2008, is being marketed as these days.
A real estate concept hitherto unknown to these parts, a Private Residence Club, or fractional ownership, is where a person purchases a deeded share of the building (in James Place’s case, one-twelfth of one of its proposed 40 units) and owns that share of the property like they would a normal condo. Buyers have to make reservations to stay there, meaning they’ll eventually have to battle out their visitation times with 479 other residents if the place reaches full capacity.
There is no limit on the amount of times a buyer can stay at James Place, unless the building is booked with previous reservations. They can also stay in whatever room they want if it’s available, although they won’t be competing for much more than floor location and views, as all the units will be identically furnished two-bedroom / two-baths, says sales manager Rick Mendoza. Like a normal real estate purchase, owners at James Place can sell their shares of the building’s homes at market rate whenever they like.
There’s no other development like it in yet Chicago, but there are some in Manhattan, Colorado and North Carolina.
Affinity started marketing James Place in the summer of 2007, on the heels of another River North project, The Superior at LaSalle. The 16-story tower was originally supposed to comprise 42 units, was cut down to 34 in August 2007, then scrapped altogether in February 2008.
According to Mendoza, Affinity and Bella Development Group began marketing the project as a Private Residence Club late last month.
Pricing for a share in the building is starting out in the $140s, which is just over a third of the median list price for a condo in River North, according to Redfin. The median price for River North condos on the MLS is in the $380s, and the price per square foot is $362.
Mendoza said a groundbreaking should take place at the end of the summer. Construction is planned to take 18 to 24 months.