The volume of high-rise condo projects recently underway or proposed in Chicago is influencing developers to open sales offices up to four years in advance of a development’s completion.
In early April, Chicago-based Magellan Development Group and Dalian Wanda Group of China will open a sales office for their 93-story, mixed-use Vista Tower, which is slated for initial occupancy sometime in 2020.
Once completed the building, which will feature 405 luxury condos starting at $1 million, will be the third tallest tower in the Chicago skyline. Located downtown on the 300 block of East Wacker Drive, the first 12 floors of the tower will be a hotel.
Also in downtown, Belgravia Group has a proposal to construct a 16-story condo tower on top of a below-grade parking garage. The project is said to be receiving resistant from residents of River Plaza because of the project’s close proximity.
Conversions might be on their way back in downtown. Jim Letchinger is one developer with plans to convert a rental tower back to condos.
Chicago condo proposals on the rise
The River North, West Loop and South Loop neighborhoods will all see several new residential towers rise in the coming years.
In River North, Chicago-based JFJ Development is proposing a 24-story, 71-unit condo tower and LG Development has begun demolition work to make way for a 12-story, high-end condo project.
LG is also active in West Loop, as the developer recently received planning commission approval for a nine-story condo tower that would feature 79 units.
Related Midwest has a project lined up in West Loop; however, this tower will be a 308-unit rental building. The developer is also underway on a 67-story tower in Streeterville that will feature a mix of apartments and condos.
The first phase of the Riverline development, a five-building, high-rise project, is slated to start this year as crews ready the site for construction.
A 30-story, roughly 450-unit building will comprise phase one and be developed by CMK Companies and Lend Lease. Wood Partners is also active in South Loop, as the multifamily developer readies for a 33-story rental tower.
Dalian Wanda Group isn’t the only Asian developer that’s recently inked a residential deal in Chicago. Last summer, Japanese-based Daiwa House Group contributed more than $40 million of equity toward a 33-story apartment building that’s being developed by Ryan Companies and Lincoln Property Co.
