WOW offers rare South Loop lofts at 15th Street
As an architect and developer, William Warman is used to seeing a project through from the initial concept and design to final delivery. It only makes sense then, that he would offer homebuyers the chance to display their own do-it-yourself talents when buying new loft condos.
That creative option has been a hit at 15th Street Lofts, according to Warman, whose company, Warman Olsen Warman, Ltd. (WOW), is both architect and developer for the project. The eight-story 78-unit loft condo building at 1503 S. State is the latest in a long list of South Loop projects by Warman. Others include Lakeside on the Park, 41 East Eighth, One East 14th and One East 15th.
“It seemed natural to stay in the neighborhood,” Warman says. “Besides, the timing was right. Fifteenth Street Lofts was one of the last lofts remaining in the South Loop.”
It’s also one of the last comparatively affordable projects in a rapidly growing area. Prices at 15th Street Lofts start under $200,000 – a price point that’s increasingly hard to find in the booming South Loop.
A typical floor at 15th Street Lofts contains 13 units. The lofts have one or two bedrooms and 870 to 1,320 square feet, priced from the low $180s to the mid-$300s. Indoor parking is available at $30,000 and tandem spaces are $45,000. At press time, those prices, the project’s creative options and its uniqueness as one of the neighborhood’s last converting loft buildings were proving popular; about 60 percent of the units were sold.
“We offer either open space or more finished space, depending on what people want,” says Kathy Ryan, sales director for the project at New West Realty, the marketing agent. “We’ll sell it as open space with no defined bedrooms or partial walls, no closets – the only defined space is the bath and kitchen area. Or they can be bought with partial-height walls to define your bedroom and closets, with more of a distinct kitchen area.”
Option number two also comes with higher-end finishes such as hardwood floors, granite counters, Jenn-Air stainless steel appliances and maple cabinets. The less finished space includes oak cabinets, laminate countertops, carpet and tile flooring – for about $20,000 less on average. Some of the standard unit amenities common to both packages are track lighting in living areas, solid core entry doors, washer and dryer hookups, multi-media wiring, ceilings of 11 to 12 feet with exposed concrete or timber beams, exposed duct work and Thermopane windows.
Having the option of concrete or timber is unusual in a loft building and stems from 15th Street Lofts’ unusual construction, Warman says.
“Approximately two-thirds of the building is timber construction and the remainder is steal and concrete,” Warman noted. “This is really unusual for a loft building, and it has allowed us to offer our residents the option of either a wood or steel look.”
The do-it-yourself open loft has been appealing to buyers who envision their condos as live-work space, and Warman estimates that around 15 percent of buyers will use units for both.
The building started life as a place of work in the 1880s, when it was built as a warehouse for the old Boston Store. “The building has the classic 19th century warehouse façade,” says Warman, who is restoring it to its original industrial character by reopening windows and removing fire escapes.
“Interestingly enough, the fire escapes were added years after construction,” Warman says. “Apparently there were no fire escape requirements at the time the building was built.”
The addition of balconies and terraces and the reopening of the numerous windows, which come in many shapes and sizes, have bonded the interior of the building with its environment and created some surprisingly splendid views. “The interiors now receive a lot of natural light,” Warman says. “To the west there are great cityscape views, with the lakefront and Coliseum Park in sight to the east.”
The developer is building a one-story garage on site and thoroughly renovating a ground floor that is currently devoted to service retail, including a chiropractor, a real estate company and a mortgage broker. Building amenities will include a secured front lobby, two high-speed passenger elevators, a freight elevator, storage lockers and bicycle storage.
Fifteenth Street Lofts is conveniently located, according to Warman, with access to the Loop and the central business district. Close to public transportation, the building is walking distance to shopping and dining.
First deliveries at 15th Street Lofts are scheduled for February.