Spectacular views win buyers at 474 N. Lake Shore conversion
There have been very few condo conversions on Lake Shore Drive in recent decades and according to developer Herb Emmerman, none that offers views as spectacular as those from 474 North Lake Shore Drive.
Built as a rental about 15 years ago, the 61-story brick and masonry tower affords protected panoramic views to each of the 505 condos that sit atop the heated parking garage and amenities that comprise the lower 16 floors.
“The views are unending in all four directions from the lowest residential floor on up,” says Emmerman, a partner in the development company converting 474 North Lake Shore Drive and Chief Operating Officer of Equity Marketing Services, Inc., the exclusive sales and marketing agent. “Nothing blocks the views, and nothing ever will.”
How can Emmerman make this statement with such a high degree of confidence? The views are protected by the lake to the east, a channel to the south, the low-rise North Pier building to the west and adequate non-buildable space to the north.
Sales Director Catherine Hughey agrees that views are the biggest draw at the high-rise, though she says that a Streeterville location and quick delivery don’t hurt.
“Streeterville is a hot area, and we’re offering terrific amenities, great prices and a super location across from Navy Pier, where great things are being done,” says Hughey, noting that 240 condos were closed in a mass effort in November and that another 135 have been sold since. “And don’t forget, you don’t have to wait for new construction. We’re building out these units in 60 to 90 days. But let’s face it, the Lake Shore Drive address and the views are the big attractions.”
Building amenities include 24-hour door staff, storage lockers, bicycle storage, a dry cleaner, a party room with a kitchen and sundeck, and a private athletic club with a steam room and sauna as well as a heated lap pool.
“We’re doing everything possible to make the building amenities the best in the city,” says Steve Bancroft, vice president of construction for Equity.
Bancroft points out that the lobby was totally gutted and redone with new raised wood paneling, a new desk for door staff, new flooring, new furniture and new elevator fronts.
“We’re transforming the building and creating a new look,” Bancroft says. The athletic club is undergoing total renovation to include new lighting, rubber flooring, carpeting, and upgrading of the locker rooms, steam room, sauna and swimming pool. “After that, we’ll do the party room, and when the conversion is complete, we’ll finish by upgrading all of the hallways.”
Three styles of residences are included in the conversion. The Shoreline Homes are located on floors 17 to 38; the Skyline Homes on floors 39 to 57; and the Penthouse Homes on the top four floors. The units range from studios and convertibles with one bath and 642 square feet to three-bedroom three-bath penthouses exceeding 2,000 square feet.
Standard features include walk-in closets (except in studios), hardwood floors in living areas, double-glazed Hopper windows, granite kitchen countertops, stainless steel appliances, ceramic tile baths, cultured marble vanities, and washer and dryer hookups.
“We’ll build the residence out to suit the buyer’s needs,” says Hughey. “While we offer the standard package, we can do a lot of a la carte upgrades as well.”
Prices range from the low $200s for the studios, from the low $300s for the one-bedrooms, from the mid $400s for the two-bedrooms and from the mid $600s for three-bedrooms. Parking is priced from $35,000, depending on location.
The building is relatively new, Emmerman says, and was in very good condition even prior to the renovation.
“There was a lot of attention to detail during construction,” Emmerman says. “For example, although it doesn’t directly affect the condition of the building, a darker brick was used on portions of the upper floors to detract from the squareness of the structure. They didn’t really have to do that, but they did.”
Hughey emphasizes that while the conversion has proceeded briskly, there is still a wide variety of residences available.
“Our buyers have ranged from investors to young professionals to suburbanites looking for an in-town place to stay,” Hughey says. “Consequently, the demand has been spread out over the types of residences available.”
The sales center for 474 N. Lake Shore Drive, www.474LSDCondo.com is located on site.