With bank backing, Pure moves forward

Pure, 24 S Morgan St, West Loop, Chicago

When news broke in September that Salman Ibrahim, principal of Sunrise Equities, skipped town, a big question mark was hung atop Pure, the 67-unit condo development at 24 S Morgan St in the West Loop. At the time, we received word that the nearly-completed building would be moving forward, but details were slow to emerge.

On Friday, while scoping new-construction in the West Loop, I noticed a new sign in the window at Pure, advertising a Web site, PureWestLoop.com, that doesn’t seem to be online yet, and a new broker, Prudential Preferred Properties.

Kevin Green from Prudential says he’s been handling sales for the past three months, but this isn’t his first stint with Pure. Green originally marketed the development for Sunrise, before it was shuffled to @properties and later Rubloff.

Pure’s new developer, the bank-owned Pure 67 LLC, will continue with the development according to most of the original plans, Green says. That means that special features and building amenities like the Pure Portal and the Skai Lounge still will be included. The only deviation from the original course is that there will be no door staff, which Green says would have been cost-prohibitive.

Green says 26 of the building’s 67 homes are still available, and deliveries started about a month ago. Many of the available units have been finished and can deliver within 30 days, but the penthouse floor hasn’t been completed because Green says he expects those buyers to want to customize. Current pricing is the same as it was before Sunrise left the scene, with one-bedrooms starting in the $260s, but Green says the developer is open to negotiation on garage parking and finish upgrades.

Rate and review Pure

Related posts:
Follow-up: Pure moving ahead without Sunrise (Sept. 22)
Journal: Where is Pure’s developer? (Sept. 19)

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