Crain’s study looks at actual sales of luxury apartments in Chicago’s high-rise buildings
Two of Chicago’s most prominent buildings, the St. Regis and the Tribune Tower, delivered several luxury homes to buyers last year, but they are still not disclosing details on the details of their commercial success.
Crain’s Chicago Business has searched the public records to find out exactly how full the luxury towers are. One of the key details uncovered by Crain is that between the two towers, 202 condos have sold for $ 1 million or more so far in 2021. Compared to the rest of downtown, St. Regis and Tribune Tower sold approximately 1.4 times more luxury condos. like all the other buildings put together.
“These are tall buildings,” Gail Lissner, senior managing director of Integra Realty Resources and longtime downtown condominium market analyst, told Crain’s. “They would make big numbers no matter what.”
The St. Regis, formerly known as Wanda Vista and later Vista Tower, is located on the south bank of the Chicago River at 363 East Wacker Drive. The 95-story supertall was designed by Studio Gang and features multi-colored glass on the exterior. The 34-story Tribune Tower, located across the river at 435 Michigan Avenue, was converted into condos after the Chicago Tribune vacated the building in 2018.
Two other residential projects recently entered the downtown Chicago market. The 47-story Cirrus at Lakeshore East and the 75-story One Chicago Tower near Holy Name Cathedral have no finished condos to offer buyers yet.
The St. Regis management team has been cautious in posting details of the tower sales. Crain’s contacted the team and was told sales had exceeded expectations and the tower was “about 60% sold or under contract.” According to the newspaper’s research, however, the building’s developer, Magellan, closed sales of 151 of the 353 units in the St. Regis Tower, putting it at 42 percent of sales.
While developers rarely release contracts that are not closed, Redfin estimates that Magellan has scored 18 units under contract, adding 5% to the total. St. Regis units whose sales are pending include two priced over $ 9 million and one above $ 10 million. Crain searched but found no records confirming an $ 18.5 million contract for the 10,640 square foot unit on all of the 71st and 72nd floors announced by Magellan in 2018.
As for the Tribune Tower, promoters Golub Realty and CIM Group sold 51 of the 151 available condos in the building, or 33%. Tower sales manager Jeanne Martini told Crain’s that the number, with pending contracts added, would be “just 50%.”
Martini said seven units were under contract in the week of November 15, in part because a model unit opened a few weeks ago, giving potential buyers the chance to experience what the space actually looks like. of life.
[Crainâs] – Victoria pruitt