Prism Development breaks ground on Ritz-Carlton Residences

Ritz-Carlton Residences groundbreaking

After spending a year dismantling the landmarked Farwell Building at the northwest corner of Erie Street and Michigan Avenue and finding itself smack-dab in the middle of a difficult luxury-home market, it looks like Prism Development is finally ready to start construction on its high-end Ritz-Carlton Residences high-rise.

A post on Rubloff‘s “Rublogg” yesterday announced the ceremonial groundbreaking of the Lucien Lagrange-designed tower, and posted what might be the first silver-shovel lineup shot at a high-rise development this year.

When finished, the 40-story tower at 664 N Michigan Ave (which will incorporate rebuilt and repurposed portions of the 11-story Farwell) will have 88 one- to three-bedroom condominiums and a private club with a salon, dining room, billiards room, wine cellar, fitness center, spa, and theater.

About 45 percent of the homes are under contract, according to Rubloff. The broker’s current listings range in price from $1.45 million for a 1,398 square-foot one-bedroom / 1.5-bath to more than $5 million for a three-bedroom / 3.5-bath with 3,566 square feet, with an average price per square foot of $1,173.

Ritz-Carlton Residences, 664 N Michigan Ave, Chicago Ritz-Carlton Residences, 664 N Michigan Ave, Chicago

Ritz-Carlton Residences, 664 N Michigan Ave, Chicago Ritz-Carlton Residences, 664 N Michigan Ave, Chicago

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