We’ve been wondering if The Park Monroe would be a hard sell. The Park Monroe is the name for the converted upper portion of the massive office building at 55 E Monroe St. This monolithic box is by no means pretty, but the location is fairly sweet if you like the idea of Loop living.The developer is a consortium of Glenstar Properties and Walton Street Capital. The group has begun taking reservations for condos and advertisements are starting to appear in newspapers. Yesterday’s ad in the Trib. emphasises the building’s location and conceals its girth by showing it in a panoramic photograph of the Chicago skyline. It was a pretty smart move. Aesthetically, the building can’t compete with the likes of the Sears Tower or the many graceful buildings that line the Michigan Avenue curtain at Millennium Park.
When you first look at this photo, 55 E Monroe looks like the dumpy studio audience member that the talk show producer tried to tuck away in the back row, far from the cameras. But the marketing message is clear – it’s all about the location and the views. As you can see from this photo, the building towers above many of the other downtown high-rises, giving the units great views of the lake. The building may not front Millennium Park, but it might as well – all the condos facing the park will have views of the majestic green space (only floors 42 through 50 will be converted into condos – offices will remain in the lower portion).
Equity Marketing Services, which knows a thing or two about selling Loop high-rises after conducting campaigns for The Heritage and The Legacy, markets The Park Monroe with slogans like “If you thought you knew this building you might be surprised,” and, “There’s nothing like life at the top.” The ad shows a swimming pool and a striking-looking kitchen. Ok, so the building won’t win any beauty contests, but who cares? After all, if you live there you don’t have to look at it. We wait with interest to see how the floorplans will be configured and whether the units will get much light, and how the condos will be priced.