Related Midwest today announced the official launch of sales at South Loop Luxury by Related, a collection of 500 re-imagined residences across three buildings in one of Chicago’s most desirable neighborhoods. Demand for this unique opportunity has been strong prior to the official sales launch, with 40 residences already sold in seven weeks.
Since taking over the three South Loop residential towers last year, noted Chicago developer Related Midwest has applied its acclaimed commitment to excellence by re-envisioning and re-branding the properties. The collection of buildings, now referred to as South Loop Luxury by Related, includes The Grant, located at 1201 South Prairie Avenue; Adler Place, located at 1629 South Prairie Avenue; and Harbor View, located at 1901 South Calumet Avenue.
The strong sales numbers in the South Loop Luxury by Related collection were reported today by Gail Lissner from Appraisal Research Counselors at the organization’s Benchmark Report luncheon. Appraisal Research also indicated that new condominium product inventory is extremely limited, with less than 1,000 units available in all of downtown Chicago.
“We are excited to officially launch sales for South Loop Luxury by Related, and share our vision for this unique collection of residences. We have already seen tremendous interest and are thrilled to have 40 units sold, even prior to our sales launch” said Curt Bailey, president of Related Midwest. “Reaching this milestone without the benefit of any advertising speaks volumes about the desire people have to live in the South Loop. We have always believed that the South Loop was one of Chicago’s most dynamic neighborhoods and now that buyers are beginning to see the Related difference in these buildings – from how we finish them to how we manage them – they’re even more drawn to living here.”
There are currently 500 residences available across the three properties, including over 200 unfinished white box units that Bailey noted gave Related the unique opportunity to completely re-envision the residential offering in the collection.
“We undertook the same disciplined approach as with all of our most successful luxury developments in Chicago, like Park Hyatt Tower, 840 North Lake Shore Drive and 340 on the Park, and created a custom product that will appeal to the most discerning buyers,” Bailey added. “Related has a proven track record of creating best-in-class residences that increase in value because we leave no detail to chance. Each finish and amenity is exhaustively researched and debated to ensure we’re delivering an exceptional product and unparalleled service – and that’s what buyers will experience with South Loop Luxury by Related.”
According to David Wolf, president of sales for Related Midwest, the interest in the properties represents a pent-up demand for well-designed, quality homes in the South Loop. When buyers see the enhancements we have made to these ideally located properties, there is understandably a lot of enthusiasm,” Wolf said. “We are attracting buyers who love the South Loop, want to live and buy in this neighborhood, and have been waiting for the right opportunity at the right time in the market. And with the diversity of unit types, location and price points available, we’re able to appeal to a broad spectrum of buyers.”
The first opportunity for buyers to experience Related Midwest’s vision for the South Loop Luxury collection is at Harbor View, named for its views overlooking Soldier Field, Burnham Harbor and the lakefront. Related Midwest teamed with designer Patrick McGuire to fully redesign the building’s common areas and amenity spaces to reflect a more sophisticated aesthetic. Building amenities include a reserve-able 30th-floor entertainment suite overlooking Lake Michigan, outdoor pool and sundeck, and fitness center with cardiovascular and strength training equipment, sauna and locker rooms.
Additionally, three models designed by Patrick McGuire showcase the Related Signature package of interior finishes chosen by the Related Midwest design team. Signature residences include wide-plank engineered wood floors, a spa-inspired master bath with natural stone tile and custom Snaidero vanity, and a chef’s kitchen with quartz countertops, professional stainless steel appliances and custom Snaidero cabinetry. A 30-story tower housing 296 residences, Harbor View offers homes priced from the low $200,000s to the $600,000s, with approximately 730 to 1,640 square feet, one to three bedrooms, one to two baths, and a den in select plans. Harbor View also has eight four-level, 2,400- to 2,855-square-foot townhomes, priced from the $600,000s. The townhomes have three bedrooms and two to three baths.
Just a few blocks north of Harbor View in the heart of the historic Prairie Avenue District, the 32-story Adler Place overlooks the Museum Campus and lakefront and features 275 residences measuring 900 to 1,582 square feet. Residences feature one to three bedrooms, one to two baths and dens, per plan, priced from the mid $200,000s to the $600,000s. Plans for the building include three new models, opening in March, designed by Patrick McGuire and showcasing Related Signature finishes. March is also when Related Midwest will unveil six new models by designer Simeone Deary at The Grant, a 54-story tower located directly south of Grant Park.
The marquee property of the South Loop Luxury collection, The Grant will offer the blend of design, amenities, service, location and architecture that are the hallmark of Related’s Five Star Living® brand. Residents of The Grant will have access to hotel-level service and lifestyle amenities, with common areas and amenity spaces fully redesigned by Simeone Deary. Residences will feature stylish finishes, top-of-the-line appliances and panoramic views of Lake Michigan, the Chicago skyline and Grant Park. Homes measure from 787 to 3,000 square feet and include one to three bedrooms and one to three baths. They are priced from the $300,000s to over $2 million.
“With these residences, we are really setting the tone for what buyers can expect from a new home in this neighborhood,” noted Bailey. “As more of our buildings come on line, we think buyers are going to be amazed by the changes we have made and how we’re raising the bar for South Loop living.”
To assist in the home buying process and a seamless closing, Related Midwest has partnered with Wintrust Mortgage, which has pre-qualified the buildings and is offering competitive end-loans for purchasers.
For information on the South Loop Luxury by Related collection, call the Related Midwest Sales Team at (312) 662-1900 or visit www.relatedsouthloop.com.
About Related Midwest Related Midwest, the Chicago office of Related Companies, is the preeminent Chicago developer of luxury condominium and rental homes, affordable housing and unique mixed-use properties since 1988. Recognized for its innovative, market-defining developments, Related Midwest creates properties of enduring value such as 340 on the Park, the first LEED-Silver residential tower in the Midwest. Currently the most active player in Chicago development, Related Midwest has two ultra luxury rental high-rise developments totaling more than 1,000 residences under construction at 500 North Lake Shore Drive (opening Spring 2013) and 111 West Wacker Drive (opening Summer 2014). The firm is also presently marketing South Loop Luxury by Related, three marquee South Loop condominium properties, and One Evanston, one of Evanston’s fastest selling condo developments. Among Related Midwest’s successes in the downtown Chicago area are The Residences on Lake Shore Park (comprising 840 Lake Shore Drive, The Pearson, and The Belvedere), the Park Hyatt Hotel and Park Tower Condominiums at 800 N. Michigan Avenue, and 340 on the Park at 340 E. Randolph Street.
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Editors: For more information or to schedule an interview, contact Sarah Lyons at (312) 267-4520 or [email protected]; or Kim Manning at (312) 267-4627 or [email protected]
Photos: The Grant, a 54-story tower located at 1201 South Prairie Avenue directly south of Grant Park, is one of three buildings that comprise Related Midwest’s South Loop Luxury by Related collection. Related Signature residences at Harbor View include a chef’s kitchen with quartz countertops, professional stainless steel appliances and custom Snaidero cabinetry. Harbor View is one of three buildings that comprise Related Midwest’s South Loop Luxury by Related collection.