Even by the luxury standards of the Gold Coast, it’s unusual to find a residential highrise that dedicates only one unit – a virtual penthouse – to each of its floors. Jameson Development hopes that configuration at its 50 E. Chestnut project, which broke ground Sept. 8, will sound a note of exclusivity in an already small and rarefied market.
“It offers privacy and space away from the hubbub that [residents] won’t get anywhere else,” Jameson’s Steve Mandell said of the 39-story development at Chestnut and Rush streets. The tower has its sights firmly fixed on the uber-wealthy, offering a mere 34 units ranging from $2.3 million to $3.1 million.
Suburban empty nesters are the main buyers so far. They’re used to houses and are wowed by the idea of a condo the size of one – units range from 3,579 to 3,937 square feet – but with “no lawn to mow,” and only a block from the Magnificent Mile, Mandell said.
The premium on privacy at 50 E. Chestnut will begin when the elevator stops; homeowners have exclusive access to their floor of the building. The elevator opens onto their own grand lobby, said Ellen Nemirow, director of client services at Jameson Realty Group, which is marketing the project.
Hardwood floors lead to expansive living, dining, library and family / media rooms, featuring crown moldings throughout and ceiling heights of 9.6 feet, Nemirow said.
Floor-to-ceiling glass windows and two large terraces flanking the east and west sides of the condos will take full advantage of the rare 270-degree views, which encompass the John Hancock building and the old Chicago Water Tower to the east, said Devon Patterson, vice-president of Solomon Cordwell Buenz and Associates, the project’s architect.
Other amenities include a fifth-floor communal garden terrace and dog run, a top floor fitness room and a 24-hour concierge. Heated parking spaces will be available for $61,000 and a restaurant will anchor the ground floor at Chestnut and Rush streets.
“It’s a fabulous, fabulous location, outstanding, really,” said housing analyst Gail Lissner, vice-president of housing analyst Appraisal Research Counselors.
The tony neighborhood’s draw cards include upscale department stores Saks Fifth Avenue and Neiman Marcus, fashion emporium Ralph Lauren and top nosheries such as Spiaggia and Bistro 110. Mindful that the 39-story development will take its place alongside esteemed neighbors, including the ultra-modern Sofitel Chicago Water Tower Hotel, Patterson used bond-patterned French limestone to create a stone masonry effect on part of the pre-cast concrete structure.
“It has character and definition, and we are contributing a very distinct building to the skyline,” he said.
But it is a skyline that is becoming crowded with other luxury highrises, begging the question of whether 50 E. Chestnut – where 30 percent of units have sold since March of 2004 –will find its niche.
Currently, the city has 2,700 units in 17 new developments underway that are vying for a cut of the luxury market (defined as units costing more than $500 per square foot) by 2008, according to figures from Appraisal Research Counselors. Back in 2002, a mere seven buildings containing 636 luxury units were up for grabs.
But, Lissner notes, only 22 percent of the current luxury units in development remain unsold, indicating healthy demand.
“We are not seeing what you would characterize as a glut in the market right now,” she said.
The first residential units at 50 E. Chestnut, www.50eastchestnut.com, are scheduled for first occupancy in May 2007, and the building is scheduled for completion in November of 2007.