It’s only fitting that the latest highrise on Millennium Park should be forward-looking, and as swift sales seem to attest, LR Development’s 340 on the Park fits the bill. In addition to being a “green” building and potentially Chicago’s first LEED (Leadership in Energy and Environmental Design)-certified residential highrise, the 62-story tower was conceived to anticipate and eliminate the need for endless upgrades, instead offering a “singular, cohesive aesthetic” that closely coordinates interior and exterior design.
In addition to environmentally friendly building materials and renewable resources, such as bamboo flooring, 340 on the Park will have highly efficient mechanical systems, a construction waste recycling program, an irrigation system that uses rainwater and other green features.
“Whether it’s recycling construction debris or creating mechanical systems that are more efficient, in the long run, there’s value to all the things in the LEED program, and buyers recognize the foresight and progressiveness of the company making them part of its development,” said Laura Molk, of LR Realty, sales agent for 340 on the Park.
There’s no shortage of literal green too at 340 on the Park. A rendering for the highrise, which recently broke ground, shows its glass expanse rising in the distance on Randolph next to the Blue Cross Blue Shield building, Buckingham Fountain bubbling in the foreground. It’s an impressive view not only because of the tower’s sleek modern design, but also because observers are seeing it across the open space of Grant and Millennium parks, Michigan Avenue on the left and the lake on the right. Of course, the message to potential buyers is clear: residents at 340 on the Park will see to the fountain and well beyond, with stunning views of the parks, the lake and the Chicago skyline.
The project’s location, in the new 28-acre Lakeshore East community and on the edge of Millennium Park, dictated progressive design, according to Laura Molk, of LR Realty, the sales agent for the project. Lakeshore East will have a variety of low-rise and highrise housing, a central park, retail space, a school and 10,000 to 15,000 residents when complete, according to development partners Magellan Development Group and Near North Properties.
Architects Solomon Cordwell Buenz & Associates responded to the high-profile site with a nearly unbroken span of glass facing south and angling gently east to maximize views.
“Obviously, we wanted a lot of glass, with this huge sky, the parks, the lake – there are so many dimensions to the view,” Molk said. “The location and views really called for a contemporary design and once we did that, we took advantage of the space with open floor plans.”
Molk emphasizes the way the site, the exterior and the interiors work together at 340 on the Park in one unified vision. This might sound like typical developer rhetoric, but LR appears to be matching it with a novel approach to design and marketing. Rather than offering a standard package and tantalizing buyers with a long list of upgrades (a serious profit center for many developers), LR Development’s Synthesis Architecture and Design division has created a single unified interior that’s designed to meet buyers’ tastes while maintaining the integrity of the building.
“It’s a singular, cohesive aesthetic, from the exterior to the hallways to the interiors,” Molk said. “The aesthetics blend so nicely and look so good, when you tamper, you go the wrong direction not the right direction. People can still personalize the space through window treatments, artwork, furnishings, paint and their collections from life. They don’t need to change the interior space.”
Which isn’t to say there’s no choice. Buyers on floors 44 through 56 can change various elements within the finish selection and penthouse buyers are offered a full range of customization. But in a building where every unit comes equipped with Dornbracht faucets, Snaidero cabinetry, bamboo floors, high ceilings and a GE Monogram stainless steel kitchen suite, LR has worked hard to convince people its vision is worth buying as is.
At press time, LR was about 65 percent sold on the 344 units at 340 on the Park. Remaining condos range from $315,000 for a one-bedroom with 1.5 baths to nearly $4 million for a four-bedroom penthouse with 5,500 square feet and 5.5 baths. The building will have 4,000 square feet of retail space, a fitness center, a 25-yard lap pool, a winter garden and a 25th floor clubroom.
A sales center with a vignette model for 340 on the Park, www.340OnThePark.com, is open at 875 N. Michigan, Suite 2105.