Related Midwest today announced the anticipated sellout of South Loop Luxury by Related, with just 15 of the collection’s original 504 condominiums remaining. The residences, located across three South Loop towers—The Grant, Adler Place, and Harbor View—include a mix of one, two and three bedrooms and are priced from $275,000 to $999,000.
Collectively, they represent some of the last new-construction luxury condo inventory in downtown Chicago. Related Midwest reimagined the previously stalled towers in 2012, updating amenity spaces and introducing a new package of luxury interior finishes. The final sales push concludes a two-year sales and marketing effort led by Related Realty, the residential brokerage division of Related Midwest that reintroduced the units to the market in early 2013, paving the way for subsequent condo development in downtown Chicago.
Since the relaunch, Related has increased values across the collection by 20 percent. “We saw an opportunity to be at the forefront of the downtown condo market’s resurgence and knew we had the talent and resources in place to transform these buildings and deliver the luxury residential experience today’s buyers are looking for,” said Curt Bailey, president of Related Midwest. “The success of the South Loop Luxury collection, in terms of both pace of sales and value created over the past two and a half years, is a testament to our team and underscores the pent-up demand for new-construction condos in the heart of the city.”
In late April, Related began marketing the six furnished models at The Grant, 1201 S. Prairie Ave., with four of the units going under contract in less than a week. One of premier three-bedroom residences facing Grant Park and the lake spurred a bidding war that resulted in a contract above asking price.
“These sales are evidence of heightened buyer interest not only in the South Loop Luxury buildings, but also the neighborhood as a whole,” said David Wolf, president of Related Realty, which is overseeing sales of the collection. “The South Loop is known for its proximity to the Loop, several quality schools and nearby cultural attractions, but ongoing development in the area, including the planned arena and entertainment district near McCormick Place, has further boosted the profile of the neighborhood, making it especially attractive to buyers who want to act now before property values climb any higher.”
The remaining South Loop Luxury units include nine condos at Harbor View, a 30-story tower at 1901 S. Calumet Ave. that overlooks Burnham Harbor. The building’s two-bedroom-plus-den residences, which are priced from $425,000, feature east-facing floor plans with a bedroom on each side of the living area, maximizing views of Lake Michigan. Buyers can choose from two interior finish packages: Signature Residences, which feature wide-plank engineered and natural stone flooring, a spa-inspired master bath, and chef’s kitchen with quartz countertops, custom Snaidero cabinetry, and top-of-the-line stainless steel appliances; and Classic Residences with more traditional luxury finishes, including granite countertops and professional appliances. Harbor View residents also can enjoy the building’s full suite of amenities, including a rooftop pool and sundeck and reservable clubroom on the top floor of the building, as well as a state-of-the-art fitness center overlooking Lake Michigan. A private, on-site dog run is available for residents with pets.
“While a handful of downtown condo projects are under construction or preparing to break ground, most are on a smaller scale and, as such, lack many of the services and amenities that have made the South Loop Luxury buildings so popular with buyers,” said Wolf. “For those in the market for a high-rise, new-construction condo, it doesn’t get much better than this.”
For more information on the South Loop Luxury by Related collection, visit www.relatedsouthloop.com or call the Related Realty Sales Team at (312) 662-1900. The sales center for South Loop Luxury by Related, located on the 23rd floor of The Grant (1201 S. Prairie Ave.), is open Saturday and Sunday from 12 to 4 p.m. and by appointment Monday through Friday.
About Related Midwest: Related Midwest, the Chicago office of Related Companies, is the preeminent developer of luxury condominium and rental homes, affordable housing communities and mixed-use properties in Chicago. Recognized for its innovative, market-defining developments, Related Midwest has reshaped luxury living in downtown Chicago through its two high-end apartment projects: 500 Lake Shore Drive and OneEleven. The firm is also marketing South Loop Luxury by Related, three marquee South Loop condominium properties, and is preparing to break ground on a 67-story hybrid residential tower and public park at 451 E. Grand in Chicago’s Streeterville neighborhood. 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 Ave., and 340 on the Park at 340 E. Randolph St., the first LEED Silver residential tower in the Midwest.
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