The Chicago Journal and its partners must have declared this “Disappearing Developer Week,” by the looks of their latest issues. For example, you may have read Wednesday’s report about Rokas International head Andrius Augunas, who fled to Lithuania and filed for bankruptcy this year after withdrawing $770,000 in deposits from Rokas’ Motor Row Condominiums project (not to be confused with Motor Row Development’s Motor Row Lofts).
You also may have seen an article about Sunrise Equities head Salman Ibrahim, who the Journal says has gone off the grid. What you wouldn’t have gleaned from the paper’s story, however, is that Sunrise was more than just an investment firm serving the Devon corridor’s Indo-Pak community – it’s also the developer of Pure, the new 67-unit high-rise at 24 S Morgan St in the West Loop.
Mark reported a couple weeks ago that Pure is about 95 percent complete, and that buyers will start moving into the building by the end of this month. No one’s picking up the phone at Sunrise these days, so it’s hard to tell how this latest wrinkle could affect those deliveries, if at all.
I noticed this morning that Rubloff lists Pure as one of its featured developments, which suggests that someone out there is managing the project. (Up to this point, we’ve always talked to the folks with Sunrise’s in-house sales and marketing team.) Rubloff’s Web site says Pure’s one- to three-bedrooms range from the $240s to the $730s; by comparison, the homes were priced from the $280s to the $810s at the start of the month, when we were talking directly with Sunrise.
All 24 or so of Pure’s available units have been built out with bamboo floors and carpeting, recessed lighting, granite countertops, Poggenpohl cabinets, Fisher & Paykel and Bosch appliances, and Grohe faucets. Rubloff’s site mentions a $10,000 upgrade credit, so either there are still some room for improvements, or it’s an upgrade credit in name only and simply will be applied to the purchase price. Parking has dropped in recent months from $35,000 per space to $17,500.
Way back in February, I wrote two posts comparing and contrasting two-bedroom homes at Pure and Emerald. One, which focused on price per square foot, may be a little out of date if the prices have dropped, but should still give you a good look at the similarities and differences between those two West Loop projects. The other was a look at the projects’ floor plans, which probably haven’t changed.