Water Tower Place was developed as a co-venture of Urban Investment and Development Co and Mafco, Inc, a Marshall Field subsidiary. Architects for the development, both of Chicago, were Loebl, Schlossman, Dart & Hackl and CF Murphy Associates.
The residences, floors 33 through 72, are two-, three-, and four-bedroom layouts with single and double exposures and from 1,754 to 3,320 square feet of space. Two-bedroom duplex units have 2,268 square feet and have southern exposure from floors 63 through 72. Many of the units have been modified by owners. Units have dishwashers, disposals, and washers and dryers. Each unit has at least one bath per bedroom. Six or seven units per floor. Owner-occupancy is approximately 97 percent.
Demographics: Majority of residents are middle-aged professionals.
Amenities, services: There is a full range of amenities and services through the Ritz-Carlton Hotel, including indoor swimming pool, health club and room service. Units have saunas. Residents enjoy concierge services, package delivery and drop-off and pickup for cleaners. Satellite TV. Maintenance service 24 hours, five days per week. Resident engineer.
Security: Full-time doormen, concierge. Attended locked service entrance.
Parking: One space per unit in the attended garage; unreserved, reserved or valet. Car-was service is available.
Moving in & out: Freight elevator reservations required.
Utilities: Electric heat, central air-conditioning.
Two-bedroom condos for sale at Water Tower Place in ’92 were priced from the $400s to $560s. Today, six two-bedrooms are listed from the $790s for a 1,791 square-foot, north-facing unit on the 35th floor, to $4.6 million for a “one-of-a-kind French inspired executive penthouse” on the 72nd floor.
Three- and four-bedrooms in ’92 were listed from the $720s to $1.06 million. Today, seven are for sale from $2.59 million for a 2,754 square-foot, southwest-facing three-bedroom on the 59th floor, to $3.9 million for a 5,508 square-foot, four-bedroom combo duplex with lake views in every room.
These 13 homes have been on the market anywhere from one to 586 days, with an average list time of 137 days. Assessments and association dues for those homes run anywhere from $1,338 to $4,547 a month, and their 2008 taxes ranged from $11,901 to $41,451.
Three condos are listed as rentals on the MLS: a 1,755 square-foot two-bedroom priced at $3,800, a 2,974 square-foot three-bedroom priced at $7,500, and a 2,974 square-foot three-bedroom available to rent for $10,500 or to buy for $2.79 million.