The Fairbanks, 240 E Illinois St, Streeterville

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The Fairbanks at Cityfront Plaza is a 31-story condominium at 240 E Illinois St in Streeterville.

The building has 42 loft units at its base and 239 units in the tower portion. The ground-level retail space, which had been a Dominick’s, will re-open in January of 2015 as a Whole Foods.

The loft portion of the building was the podium for a Hilton Suites Hotel that was never completed. The Fairbanks began construction in 2005 as the first of three planned towers at Cityfront Plaza. The building was completed in 2008. The sites for the remaining towers were sold to architect / developer David Hovey who built Optima Center on the western site and plans apartments on the site adjacent to The Fairbanks.

Centrum Properties was the developer of The Fairbanks and DeStefano + Partners was the architecture firm.

The apartments

The Fairbanks has a mix of one-bedrooms with a bath-and-a-half, and 2-bedrooms with either two or two-and-a-half baths. The units are larger than average and have generously-sized rooms.

As of late September 2014, 1-bedrooms were listed for sale in the high $400s to low $500s, and 2-bedrooms from the low $500s to the mid-$800s.

All of the apartments have gas cooking, high ceilings, floor-to-ceiling windows, and in-unit washer / dryers. A number of the units have private balconies and terraces.

Since the units are individually owned, finishes vary widely but are typically higher-end.

Views. The Fairbanks has good views in every direction.

The southwest view, above, was taken from a 30th floor balcony.

Amenities, services, policies

The Fairbanks has an extensive suite of amenities on a landscaped deck above the podium.

The sundeck has open vistas to the south, east and west, affording direct sunlight throughout the day. There’s a small pool, landscaped seating areas, gas grills and a dog area.

The Fairbanks has a nicely-equipped fitness room with an adjacent steam room and a yoga / Pilates room.

The building has a party room with a pool table and kitchen. There’s also a media room with theater seating and a big screen, and a business center with computers and a conference room. Separate bicycle storage is available on the first level of the parking garage.

The Fairbanks has on-site professional management by Draper and Kramer, an on-site engineer, and 24/7 door staff.

Finances, litigation. Information about the building’s financial condition is unavailable at this time. As of late September, 2014 a search of the Clerk of Circuit Court‘s electronic docket revealed no non-routine litigation pending on behalf of or against the association.

Leasing. Owners are permitted to lease their units. Information about rental caps and policies is unavailable at this time.

Rules & Regulations. A copy of the building’s Rules & Regulations and governing documents is unavailable online.

Parking. Deeded garage parking is available on-site.

Pets. The building is pet-friendly, subject to limits, and has a dog area on the sundeck.

The location

Illinois is a multi-level street at The Fairbanks. The building’s lobby is at the upper level and garage access is on the lower level. The upper level of Illinois St provides pedestrian access to Michigan Avenue while the lower level accommodates through traffic headed for Navy Pier and the lakefront.

Shopping. Whole Foods grocery is opening in the building in January 2015. Treasure Island, which bills itself as “America’s most European supermarket,” is a few blocks northeast.

A Walgreens Pharmacy is a short walk east of The Fairbanks.

Michigan Avenue’s Magnificent Mile shops begin three blocks west of the building.

Dining, nightlife, entertainment.
The building’s near-Michigan Ave location has good proximity to the River North‘s dense restaurant scene.

There are literally 100s of dining and nightlife options within blocks of The Fairbanks. Yolk, Flour & Stone and D4 are just east of the building.

If you’re a bowling or movie buff you can loft a few over the lanes at Lucky Strike then head downstairs to catch a movie at AMC River East, just east of The Fairbanks.

Parks, recreation. The Fairbanks has decent park access. It’s three blocks west of Navy Pier, Jane Addams Memorial Park, Ohio Street Beach and the Lakefront Trail.

There is a tree-lined plaza with benches directly across Illinois from the building.

Lake Shore Park, which has a running track, softball fields, tennis courts, a playground and a small field house, is half a dozen short blocks north.

Transportation. Access to CTA and Metra train lines is inconvenient from The Fairbanks. CTA bus service, via multiple routes, is excellent along Michigan Ave and lower Illinois (one-way East-bound) and Grand Ave (one-way West-bound). Many residents at The Fairbanks are likely to opt for cabs as their preferred mode of public transit, and cabs are always plentiful.

Zipcar and DIVVY bike locations are nearby.

The Fairbanks has convenient access to and from Lake Shore Drive. Reaching I-90/94 and the rest of the city’s expressway grid can often be time-consuming. Expect near-gridlock conditions when there’s a major event in the neighborhood.

Chicago Water Taxi offers seasonal commuter service between Michigan Avenue and Madison Street, affording The Fairbanks residents a pleasant, low-cost way to reach the West Loop and the Willis Tower.

The Fairbanks in the news

More recent items are listed first.

  • Centrum closing out at The Fairbanks
  • Fairbanks starts with big base of sales
  • Developer scraps Streeterville condo project, sells site
  • Lehman sells interest in Streeterville development
  • Share your take on The Fairbanks

    If you live at or have visited The Fairbanks, and are not a real estate agent, add your thoughts in a comment. Comments are moderated, and commercial messages are not allowed.

    The Fairbanks at Cityfront Plaza

    Address 240 E Illinois St
    City Chicago
    # of Units 281
    Parking On-site garage; deeded spaces.
    Completed 2008
    Management Draper and Kramer
    Website The Fairbanks

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