When we last checked in with the Ritz-Carlton Residences back in August, a source with Prism Development Group said that construction on the 40-story tower would begin in January. Mindful of the turning pages on the calendar, I walked over to 664 – 670 N Michigan Ave to see if ground had broken yet on the luxury high-rise.
On site, I found a couple of heavy construction vehicles moving rubble around, but it looked like most of the debris had come from the Farwell Building (below), the existing building that’s being dismantled and repurposed at 664 N Michigan Ave. There’s still plenty of excavation to be done before vertical construction can begin on the Lucian Lagrange-designed tower, because a two-level underground garage that will hold more than 100 cars must first be built.
Along with Walton on the Park and 10 East Delaware, the Ritz-Carlton Residences is one of only three downtown condo developments that will deliver new condos in 2010, according to Appraisal Research Counselors‘ Gail Lissner. First deliveries are expected to begin in 2010, but construction on the tower might not wrap up until early 2011. The Ritz-Carlton’s 86 residences are priced from $1.9 million to about $13 million, and according to a banner hanging on the Farwell Building, about 40 percent of the homes have been sold.
NewHomeNotebook:
• Rate and review Ritz-Carlton Residences
• View our list of Lucian Lagrange-designed high-rises
Related posts:
• Construction checkup: Ritz-Carlton Residences (Aug. 12)
• So which homes WILL deliver in 2010? (Jan. 7)
• Ritz-Carlton Residences near halfway point in sales (June 26)
