“Indulge in the the soaring ceiling heights and private rooftop deck,” the Renaissance Lofts Web site invites visitors. “But don’t pause for too long because only a limited number of these extraordinary lofts remain.” In fact, there are exactly 10 more opportunities to “intoxicate your senses” with the Renaissance Lofts’ “graceful living and luxurious finishes” before the 37-unit loft development is sold out.
In 2007, the Kopley Group converted the 1920s-era commercial building at 1791 W Howard St in Rogers Park into lofts, which can be seen in these photos by Wayne Cable, and prices currently range from the $170s to the $280s for one- and two-bedroom homes. As with the Lofts at 1800, another Kopley Group conversion in North Center, Lynne Jackson says the development has been successful largely because a two-year “buyback guarantee” from the developer is extended to all available homes in the building.
“We’re not even negotiating price,” she says. “The whole building is secure. Out of 37 units, we’ve got only 10 left, and we’ve sold at least eight since July – all at full price.”
Kopley is able to offer the buyback guarantee because Kopley Group President K. Nicholas Kopley’s portfolio is diversified, Jackson says, as he owns a number of rental properties on the far north side and car dealerships in Alabama.
“Let’s say, worst case scenario, he has to take back some of these, we know that we’ll just rent them out for a while, if we have to,” Jackson says.