Popular enclave on edge of Loop offers rare loft conversion
Residents consistently describe the neighborhood in the same terms: small-town, friendly, the kind of place where you know your neighbors. They might be talking about one of those quiet pockets on the Far Northwest Side, such as Sauganash or Edgebrook, or an established suburb where people put down deep roots. The fact that the warmhearted reviews describe Printers Row, a district of chic lofts 30 seconds from the Loop is only surprising to people who have never lived there.
“It’s a really eclectic crowd,” said a longtime bartender at Kasey’s Tavern, a neighborhood mainstay, at 701 S. Dearborn. “There’s a great network of people looking out for each other. It’s such a close little neighborhood.”
Printers Row, which centers on Dearborn between Congress and Polk, is the most established residential enclave in the South Loop, which now stretches as far south as Cermak. Part of Printers Row’s character comes from the strong ground-level retail and restaurants – the likes of Sandmeyer’s Bookstore, Starbucks, Printers Row Restaurant, Hackney’s and Bar Louie – that create foot traffic and a sense of community. Stores and services are only now coming to the South Loop’s more pioneering locations, but Printers Row hasn’t been considered a “new neighborhood” for 20 years.
The other factor in Printers Row success is that it offers the highest concentration of loft condominiums in a settled residential pocket of any neighborhood in the city. It’s been so successful, in fact, that most buildings long ago converted to condos and no more developer’s lofts were available. Until now.
“It’s rare for a classic loft conversion of this quality to come on the market,” said Robert Horner, partners with Ibrahim Shihadeh in Winthrop Properties, developer of the new Printers Row Lofts, at 732 S. Financial. “Especially in a landmark building with all of its vintage interior and exterior features in tact.”
The historic building was constructed in 1908, one of many vintage buildings in what was once the hub of Midwest publishing. The eight-story Printers Row Lofts, originally known as the Printers Building, was placed on the National Register of Historic Places in 1976 and was converted to rental apartments in 1996 as Polk Street Station.
Horner says that the recent and creative conversion to apartments, with design by renovation architect Phil Kupritz, made the current conversion into condos that much easier.
“The original architecture for the conversion was quite good and was one of the things that interested us,” Horner said. “There are some curved walls and glass block to bring additional light into units, some partial height walls, open floor plans. The glass block often is used to create a den or second bedrooms.”
Horner stresses that these are “true” lofts, with exposed brick and ductwork, timber beam ceilings, hardwood floors and timber columns. He describes the building as “elegant,” noting the unique lobby and original terra cotta details. The large vintage lobby boasts terrazzo floors, an expansive ceiling and emerald and white glazed brick walls. But the quality of the original conversion affords buyers something more than interesting space, according to Horner.
“We can keep the prices low because of the way we were able to buy the building,” Horner said. “Not a lot of additional work needs to be done.”
Homes are base-priced from the $150s to the low $350s. The building has 138 units, with 32 different floor plans, ranging from 580-square-foot studios to 1,744-square-foot two-bedroom residences. A number of condos on the top floors and the first two floors are duplexes. All units feature 12- to 13-foot ceilings, gas fireplaces, in-unit washers and dryers and oversized thermal-pane windows.
Horner says the building only requires basic maintenance work. The hallways will be updated, as well as the façade.
Buyers can choose from different levels of finishes, each with its own spruce-up package and price point. The basic level of interior upgrades offers new counters, sinks, appliances, carpet and paint. Printers Row Lofts also offers higher levels of upgrades with options like granite counters and new cabinetry. Residents can purchase indoor parking or rent outdoor spaces.
The combination of pricing, product and location has so far met with a positive response, according to Horner. By the time of the project’s grand opening, on March 15, about 15 percent of the units already had been sold to existing renters.
“We are very pleased with the success of the tenant sales program,” Horner said.
And tenants have been pleased with the chance to own a comparatively affordable loft walking distance from the Auditorium Theater, the Art Institute, Harold Washington Library, Loop offices and Millennium and Grant parks.
Most of the city’s major festivals are held just a few blocks east of the lofts, and Printers Row boasts its own book fair, billed as one of the largest free outdoor book events in the country. The Printers Row Book Fair offers five tented blocks of diverse booksellers and literary programs each June in what is considered the Midwest’s premiere literary festival.
Another attraction is the historic Dearborn Street Station train depot, once the gateway to Chicago for thousands of immigrants. Located around four blocks from Printers Row Lofts, the Romanesque Revival building is best known by its tall clock tower and is a lovely commercial center.
Winthrop Properties plans to begin delivering units sometime in June or July, although buyers who need to move in sooner could rent a vacant loft in the building until their unit was ready.