Overview of Tribune Tower condos in Chicago
A highest asking price of $ 7.6 million, two units with exterior terraces walled off by whimsical Gothic florets and the dismantling of Colonel McCormick’s legendary 24th-floor office. These are the conclusions of a grand opening of the Tribune Tower redevelopment this morning of a model unit and sales gallery in a nearby building, whose 28th-floor windows frame a breathtaking view of the lavishly ornamented exterior of the 94-year-old tower. , which the newspaper sold in 2016 and released in 2018.
Looking at the tower and its three adjoining lower model buildings, Lee Golub, director of Chicago-based Golub & Co, who is partnering with Los Angeles-based CIM Group on the redevelopment project, pointed out a few details which, from his point of view, made the project work. At their head is “this iconic building in a setting you can’t find anywhere else in town,” in the heart of Michigan Avenue, right on the river, with seating on both sides of the bridge and a sales stage. buzzing retail and restaurants.
Then there’s the low-rise eastern part of the complex, which, when the developers bought the site for $ 240 million, stretched the full depth of a block from north to south. This doesn’t favor narrow residential designs that depend on sunlight, but “we could take the middle out and create a yard” that begins on the third floor, Golub noted. The result is that two condo blocks, one in the northern part of the old complex and the other in the south, are each thin enough for residential use, and the units in both will have balconies above. the courtyard.
Third, the flamboyant Gothic architecture, which includes a crown-shaped tower, high buttresses and florets as well as setbacks as the building rises, all of which provide opportunities to create beautiful spaces both at the same time. inside and outside. Terraces, whether for a single unit or for all residents of the building, surmount the old five-story WGN radio building on Illinois Street and Michigan Avenue, encircling a amenity space on the 25th floor of the tower and look south from a “hip” on the fifth floor of the tower.
Inside the condos, finishes include 8-foot-high doors, white oak floors, quartzite kitchen island tops and backsplashes, as well as door frames and cabinets throughout with detailing. verticals which, according to Jeanne Martini, sales manager for the building’s 162 units, “will emphasize verticality”, as will the numerous ribs and buttresses on the exterior of the iconic tower.
Most condos will have actual laundry rooms, not just linen closets with stackable machines, Martini said.
Prices, which the developers announced earlier this summer, range from $ 700,000 to $ 7.6 million, Martini said. At the bottom of the scale, in the $ 700,000, buyers will get a one-bedroom approximately 1,100 square feet and a balcony, she said. Interested buyers have already called, she said, and meetings will begin on August 29. The building’s first moves are scheduled for late 2020, she said.
The cap at just $ 7.6 million is slightly surprising, given penthouses priced at $ 10 million and above at the building’s main competitors for the upscale buyer, Vista Tower and One Bennett Park, as well as the multiple sales at this level at present – complete No. 9 Walton. None of these buildings have an A-plus site like the Tribune Tower Residences.