This just in, from a news release – more, later:
Related Midwest today announced that it has entered into a partnership to re-launch three newly constructed downtown residential towers located in the South Loop. Related will re-imagine the 500 condominium residences and building amenities, lead the marketing and sales efforts and manage the three buildings at 1201 South Prairie Avenue, 1629 South Prairie Avenue and 1901 South Calumet Avenue.
“Related has a proven track record of creating and delivering best-in-class residences nationwide and in the Chicago marketplace. We are excited to create a unique opportunity for purchasers at these well-located properties by infusing a fresh design aesthetic and by delivering an unrivaled resident experience,” said Curt Bailey, President of Related Midwest.
Related has decades of experience building some of the nation’s finest condominiums. The South Loop properties contain a number of unfinished residences, affording Related the unique opportunity to re-envision the residential offering. Related will also bring a new interior design aesthetic to the lobbies, common areas and lifestyle amenities. Related’s acclaimed commitment to service will be evidenced at these properties with a service platform rivaling the finest hotels.
Situated in a marquee downtown Chicago location, the buildings are adjacent to Grant Park and the Museum Campus, with direct access to the Lakefront and a short walk to the central business district. Each building along Lake Michigan provides stunning, unobstructed city and lake views. The South Loop is one of Chicago’s fastest growing neighborhoods. The diversity of the unit types and locations offers varied price points to serve a broad spectrum of purchasers.
Um, if the places weren’t selling or renting before, I doubt a fresh coat of lipstick on the pig is going to make much difference.
They will sell once the prices are adjusted to market and some nice improvements are made and a world class company is managing the properties.
Pete,
There is a lengthy roster of projects that have succeeded after a refresh and price adjustments.
Anyone who observes the market with an open mind will reserve judgment until they see the new offerings.
You apparently don’t need facts to reach conclusions, but the rest of us do.
Silver Tower in River North is a great example of a project that has succeeded after changing ownership and appropriate price adjustments.
Given its location, 1201 Prairie has the best chance to be successful of the above mentioned projects.
Few reasons why the place was not selling before, in my opinion, were: a)the uncertainty – buyers were worried that the future of the tower was very unclear, and they were concerned that they could end up being in a rental building, b) units are unfinished, do not have floors, no kitchens cabinets, no appliances, etc, and buyers felt that the developer may not have money to finish it, and c) it was nearly impossible to get a mortgage on a condo in unfinished and unsold building. Now these fears will be removed, and I expect very high interest and strong sales.
We just got 2 large new hospitals close to this building – new wing at Rush and Lurie Children’s hospital in Streeterville, hiring many doctors, nurses, etc. The location of 1201 S. Prairie is ideal for both hospitals’ employees.. Many buyers love Museum Park and want to be there, so now they’ll get this opportunity again..